What is the real estate transfer tax in New York?

In New York, a real estate transfer tax of $2 for each $500 or fractional part of consideration is imposed on each conveyance of real property when the consideration exceeds $500, and the grantor pays it unless the contract provides otherwise, with the grantee liable jointly and severally if the grantor fails to pay. A buyer of residential real property, including a one-, two- or three-family house, a condominium unit or a cooperative apartment, pays an additional tax of 1 percent of the consideration when the consideration for the entire conveyance is $1 million or more. In a city of one million or more people, the rate rises by $1.25 for each $500 when the consideration is $3 million or more for residential property or $2 million or more for other property, and the buyer of residential property for $2 million or more pays a supplemental tax rising from one-quarter of 1 percent to 2.9 percent at $25 million or more. Conveyances without consideration and otherwise than in connection with a sale, including bona fide gifts, are exempt, as are conveyances that only secure a debt. Counties and cities can add their own tax where state law lets them, so check the county where the deed is recorded. This is N.Y. Tax Law §§ 1402, 1402-a, 1402-b, 1404, 1405.

WhatNew York
State transfer tax$2 per $500 of price, paid by the seller

What the statute says

“A tax is hereby imposed on each conveyance of real property or interest therein when the consideration exceeds five hundred dollars, at the rate of two dollars for each five hundred dollars or fractional part thereof …”

Quoted word for word from the section’s text.

Source

N.Y. Tax Law §§ 1402, 1402-a, 1402-b, 1404, 1405

Read the statute in the New York Consolidated Laws (New York State Senate): nysenate.gov.

Checked against the statute on November 15, 2026.

This is a summary of a published statute, not legal advice. Rules change, local ordinances can add to them, and the terms of a specific lease may differ. Check the citation and speak to a lawyer before acting.

How Seayora uses this rule

This page states the state’s rule so the costs and paperwork of a sale can be checked against it before a contract is signed. An owner on Seayora keeps each property’s owners of record and its documents in one place.

Guides on this rule

Compare this rule in every state

More New York rules

The same question in other states

Related