The DeVito Team · Keller Williams Realty Greater Nassau
What a seller pays, what a buyer pays, and what it comes to on a real price.
The short answer: the seller pays New York State's base transfer tax of $2 for every $500 of the price (0.4%). On a residence selling for $1 million or more, the buyer also pays a 1% "mansion tax." These are the State's published rates, and they apply the same way to a sale in Nassau, Suffolk, Queens or Brooklyn.
| Tax | Rate | Paid by |
|---|---|---|
| Base transfer tax | $2 per $500 of the price (0.4%) | Seller |
| Mansion tax (residences of $1 million or more) | 1% of the sale price | Buyer |
| NYC supplemental tax (residential, $2 million or more) | An incremental rate between 0.25% and 2.9%, based on the price | Buyer |
Source: NYS Department of Taxation and Finance — Real estate transfer tax. Rates checked 2026-10-05. The NYC supplemental tax applies to New York City properties, so it matters for Queens and Brooklyn sales, not Nassau or Suffolk.
| Sale price | Seller's base tax | Buyer's mansion tax |
|---|---|---|
| $800,000 | $3,200 | Does not apply |
| $1,000,000 | $4,000 | $10,000 |
| $1,500,000 | $6,000 | $15,000 |
Arithmetic on the rates above, for illustration. The mansion tax is 1% of the whole price once a residence reaches $1 million, so the buyer's cost steps up at that line.
Selling in Queens or Brooklyn, or want every cost a seller pays at closing? See what sellers pay at closing in New York.
The seller pays the base transfer tax. New York State publishes it as "two dollars for each $500, or fractional part thereof, of consideration," which works out to 0.4% of the price. The buyer pays the additional "mansion tax" described below.
It is an additional tax of 1% of the sale price that applies to residences sold for $1 million or more, and the buyer pays it. On a $1,000,000 home that is $10,000.
The base tax is $3,200, paid by the seller ($800,000 ÷ $500 × $2). The mansion tax does not apply below $1 million.
The rates on this page are the New York State rates published by the Department of Taxation and Finance. Your closing attorney confirms every charge that applies to your specific property and closing.
Joseph DeVito is a New York Licensed Associate Real Estate Broker and a New York attorney. He does not act as both broker and attorney on the same transaction: here he acts as a real estate broker only, and he is not your attorney. Real estate services provided through Keller Williams Realty Greater Nassau are not legal representation. Everything on this site is general information for educational purposes only. It is not legal advice, it creates no attorney-client relationship, and it should not be relied on as legal advice — for advice about your own situation, consult your own attorney.
This page is general information, not legal or tax advice for your sale. Which charges apply, and in what amount, depends on the property and the contract, so confirm them with the attorney handling the closing.
