Estimate your seller-side closing costs and net proceeds for a residential sale in New York City — broker commission, transfer taxes, and flip tax.
Estimate seller-side closing costs and net proceeds for a residential sale in New York City. Includes broker commission, transfer taxes, and flip tax for co-ops.
For property in the five boroughs. Selling in Westchester or on Long Island? See outside-NYC costs below.
This is an estimate, not a guarantee. Net proceeds shown are after closing costs and your outstanding mortgage balance. Capital gains tax is not included. Get a precise quote with a free 20-minute consultation.
Sellers outside the five boroughs do not pay the NYC Real Property Transfer Tax, so this calculator’s NYC line does not apply. Subtract it, and use the figures below instead.
NYS transfer tax — 0.4% of the price
Applies statewide. The extra 0.25% that brings the rate to 0.65% applies only to residential sales of $3 million or more inside NYC.
Local transfer tax — varies
Most municipalities charge none. In Westchester, Yonkers charges 1.5% paid by the seller (co-op sales are exempt, and no tax is due on sales of $25,000 or less), and Mount Vernon charges 1% on sales above $100,000. Peekskill also imposes a local transfer tax; confirm the current rate with the city.
Peconic Bay Community Preservation Fund — 2% to 2.5%
Paid by the buyer in the five East End towns of Southampton, East Hampton, Southold, Riverhead and Shelter Island. Since April 2023 all but Riverhead add a 0.5% Community Housing Fund, making 2.5%. Exemption amounts reduce the taxable portion and differ by town.
Mansion tax — 1% flat
Paid by the buyer on residential purchases of $1 million or more. The higher NYC brackets do not apply outside NYC.
Broker commission, attorney fee, recording — same as NYC
Negotiated the same way.
For how the state and city taxes interact, see our NYC closing costs guide.
In New York City a seller usually pays the broker commission, the NYC Real Property Transfer Tax of 1% on sales up to $500,000 or 1.425% above that, the New York State transfer tax of 0.4%, attorney fees, and a flip tax if the building charges one. The state rate rises to 0.65% on residential sales of $3 million or more inside the city.
The seller pays both the city and state transfer taxes on a resale. The main exception is a new development, where the sponsor's contract usually shifts them to the buyer. When the buyer pays the city tax, that amount counts as extra consideration for the state transfer tax and the mansion tax.
No. The NYC Real Property Transfer Tax applies only within the five boroughs. Outside the city, sellers pay the 0.4% New York State transfer tax, plus a local transfer tax in the few municipalities that have one. In Westchester, Yonkers charges 1.5% paid by the seller, with co-op sales exempt and nothing due on sales of $25,000 or less, and Mount Vernon charges 1% on sales above $100,000. Peekskill also imposes one, so confirm the current rate with the city.
It is a Community Preservation Fund transfer tax in the five East End towns of Long Island: Southampton, East Hampton, Southold, Riverhead and Shelter Island. The rate is 2%, and since April 2023 every town except Riverhead adds a 0.5% Community Housing Fund on top, making 2.5%. Unlike most transfer taxes it is paid by the buyer, and exemption amounts that differ by town reduce the taxable portion.
Only if the building charges one. A flip tax is a fee set by the co-op in its proprietary lease or bylaws, not a government tax, and many buildings have none. Where it applies it is commonly 1% to 3% of the sale price and is usually paid by the seller. Ask the managing agent for your building's actual rate.
No. The mansion tax is paid by the buyer on residential purchases of $1 million or more. Inside New York City it runs from 1% to 3.9% depending on the price, and outside the city it is a flat 1%.
Free 20-minute consultation. Quote in under an hour. No obligation.
Get your free quote →