The short answer

Before commission, Queens sellers typically pay New York City's transfer tax of 1% of the price up to $500,000 and 1.425% above that, New York State's transfer tax of 0.4% (0.65% for city homes of $3 million or more), their attorney's fee, and building charges such as a co-op flip tax. On Long Island there is no city transfer tax, so the state's 0.4% applies. The broker's commission is negotiable and set in your listing agreement.

Key numbers

NYC transfer tax
1% up to $500,000; 1.425% above
NYS transfer tax
0.4%; 0.65% for NYC homes of $3 million or more
Mansion tax
Paid by the buyer
Co-op flip tax
Set by the building, commonly 1% to 3%
House sellers
Must provide a Property Condition Disclosure Statement

Seller costs at a glance

Cost Typical amount Notes
NYC Real Property Transfer Tax 1% of the price up to $500,000; 1.425% above Applies to houses, condos and co-ops in the five boroughs
NYS transfer tax 0.4% of the price 0.65% for NYC residential sales of $3 million or more
Attorney $2,000–$4,000
Broker commission Negotiable Set in your listing agreement
Co-op flip tax Commonly 1% to 3% Set by the building
Building fees Varies Managing agent processing and move-out deposit
Mortgage payoff Your loan balance Plus fees to record the satisfaction

Two examples, before commission

An $800,000 condo in Flushing

  • NYC transfer tax: 1.425% × $800,000 = $11,400
  • NYS transfer tax: 0.4% × $800,000 = $3,200
  • Attorney: $2,000–$4,000
  • Building fees: about $500–$1,500
  • Estimated total: $17,100–$20,100

A $1,000,000 house in New Hyde Park, Nassau County

  • NYC transfer tax: none, since the home is outside the city
  • NYS transfer tax: 0.4% × $1,000,000 = $4,000
  • Attorney: $2,000–$4,000
  • Estimated total: $6,000–$8,000

The buyer pays the 1% mansion tax, $10,000, on this sale.

Taxes on your gain

  • Primary home exclusion. If you've owned and lived in the home for at least two of the five years before the sale, you can exclude up to $250,000 of gain, or $500,000 for married couples filing jointly.
  • New York State taxes capital gains as ordinary income.
  • If you've moved out of state, you'll generally make an estimated New York income tax payment at closing, using Form IT-2663.
  • Foreign sellers are subject to FIRPTA withholding, generally 15% of the price.

What house sellers must disclose

Sellers of one- to four-family homes must complete New York's Property Condition Disclosure Statement, which now asks about flood zones, flood insurance and past flood damage. Since March 20, 2024, sellers can no longer opt out by giving the buyer a $500 credit.

How to keep more of the sale price

  • Set the price from a comparative market analysis of recent sales, not from asking prices.
  • Fix small problems before listing, since buyers inspect before they sign.
  • Have your co-op or condo documents ready, including financials and house rules, so the buyer's attorney can move quickly.
  • If you're selling a co-op, plan your move around the six to eight weeks a board review usually takes.

Questions people ask

Who pays the transfer tax when you sell in NYC?

The seller, in a typical resale. In many new-development sales, the contract shifts the city and state transfer taxes to the buyer.

Does the seller pay the mansion tax?

No. The mansion tax is the buyer's cost. The seller becomes responsible only if the buyer fails to pay it.

How much is the NYC transfer tax on a $600,000 sale?

1.425% of the full price, or $8,550, because the price is above $500,000. The New York State transfer tax adds 0.4%, or $2,400.

Do I need to fill out a Property Condition Disclosure Statement?

Yes, if you're selling a one- to four-family house. Since March 20, 2024, sellers can't avoid it by giving the buyer a $500 credit.

Sources

  1. NYC Department of Finance, Real Property Transfer Tax
  2. NY Department of Taxation and Finance, TSB-M-19(1)R: transfer tax and mansion tax
  3. IRS, Topic no. 701: Sale of your home
  4. NY Department of Taxation and Finance, nonresident income tax forms (IT-2663)
  5. HGAR, Changes to New York's Property Condition Disclosure Act effective March 20, 2024
  6. Milton Coste, NYC buyer closing costs: co-op vs. condo

This guide is general information about New York real estate as of October 30, 2026. It isn't legal, tax or financial advice. Rates, programs and rules change, so confirm the details of your purchase or sale with your attorney, lender or tax advisor.