New York State Transfer Tax

Residential

$2.00 per $500 of purchase price

Including 1, 2, 3 family residential dwellings, single unit co-ops or single unit condos.

Commercial

$2.00 per $500 of purchase price

Real Property Transfer Tax

New York City

Residential

1%

$500,000 and less

1.425%

More than $500,000

Commercial

1.425%

$500,000 and less

2.625%

More than $500,000

Mt. Vernon

Residential   

1%

Commercial   

1%

1% of purchase price with a $100,000 exemption (first $100,000 of purchase price is exempt, therefore subtract $100,000 from the purchase price then calculate the 1%).

Peconic Bay

Residential   2%

(paid by the purchaser)

Commercial   

2% (paid by the purchaser)

Exemptions for Peconic Bay

• Shelter Island, South Hampton and East Hampton: $250,000 for improved property and $100,000 for unimproved property
• For more information on exemptions for first time homebuyers in the towns of Southampton, East Hampton and Shelter Island, please read this.
• Southold and Riverhead: $150,000 for improved property and $75,000 for unimproved property

The applicable exemption amount is subtracted from the purchase price; then calculate the 2% tax.

Yonkers

Residential

1.5%

More than $25,000  

Commercial

1.5%

More than $25,000

Mansion Tax (Purchase price $1,000,000 or more)

Residential

1% (paid by the purchaser)

Including 1, 2, 3 family residential dwellings, single unit co-ops or single unit condos.