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NYC Real Estate Transfer Tax: What Sellers and Buyers Actually Pay (2026 Guide to RPTT, NYS Transfer Tax, and the Mansion Tax)
A plain-English walkthrough of the three transfer taxes that hit every NYC closing — the city RPTT, the NYS basic transfer tax, and the mansion tax — with the exact rates, forms (NYC-RPT and TP-584), filing deadlines, and the phone numbers to call when something goes wrong.

If you are buying or selling property in New York City, three different transfer taxes can hit your closing statement at the same time. The city imposes its own Real Property Transfer Tax (RPTT). The state imposes a separate real estate transfer tax. And on residential sales of $1 million or more, the buyer also owes the so-called mansion tax. None of the three are negotiable to zero, but they are predictable, and the rules are public. This guide walks through every rate, every form number, every deadline, and every agency phone number you will need.

The Three Taxes at a Glance

Every taxable conveyance of NYC real property generates up to three filings:

  1. NYC Real Property Transfer Tax (RPTT) — filed on Form NYC-RPT through ACRIS. Paid by the seller (grantor) by default.
  2. NYS Real Estate Transfer Tax — filed on Form TP-584. Also paid by the seller by default.
  3. NYS Additional Tax (the "mansion tax") — filed on the same TP-584 when residential consideration is $1 million or more. Paid by the buyer (grantee).

The thresholds, rates, and exemptions are different for each one, so do not lump them together on your closing checklist.

NYC Real Property Transfer Tax (RPTT) — Rates and Form NYC-RPT

The RPTT applies to any sale, grant, assignment, transfer, or surrender of NYC real property where the consideration is more than $25,000. Below $25,000, no RPTT is due. The legal authority is Title 11, Chapter 21 of the NYC Administrative Code.

Residential rates (1, 2, or 3-family homes, individual co-op or condo units)

  • 1.0% of the consideration if the sale price is $500,000 or less
  • 1.425% of the consideration if the sale price is more than $500,000

Commercial and all other property (including 4+ unit residential, vacant land, mixed-use)

  • 1.425% of the consideration if $500,000 or less
  • 2.625% of the consideration if more than $500,000 (1.625% to the city general fund, 1.0% earmarked to the MTA)

The cliff is real. A $500,000 residential sale costs $5,000 in RPTT. A $500,001 sale costs $7,125 — the higher rate applies to the entire price, not just the portion above the threshold. Pricing a deal at $499,999 vs. $500,001 is a real planning question.

The form: NYC-RPT

The official return is Form NYC-RPT (Real Property Transfer Tax Return). For Manhattan, the Bronx, Brooklyn, and Queens, you do not download and mail the paper form. You build the RPTT packet inside ACRIS — the Automated City Register Information System at nyc.gov/acris. ACRIS generates the cover page, the NYC-RPT itself, and the tax payment slip. Staten Island filings go through the Richmond County Clerk and have separate handling.

Filing deadline

The RPTT return and payment are due within 30 days after the date of transfer. In practice the title company files at the same moment the deed is recorded, which is almost always at closing. Late filing triggers penalty and interest under NYC Admin Code § 11-2115.

NYS Real Estate Transfer Tax — Form TP-584

On top of the city tax, New York State imposes its own transfer tax under Article 31 of the Tax Law. The state form is Form TP-584, Combined Real Estate Transfer Tax Return, Credit Line Mortgage Certificate, and Certification of Exemption from the Payment of Estimated Personal Income Tax. The current version is TP-584 (6/25). A revised version effective February 13, 2026 incorporates the May 2025 statutory change exempting certain conveyances to qualifying not-for-profits for parks, open space, or historic preservation from the additional (mansion) tax.

NYS basic rate

  • 0.4% of the consideration on properties under $3 million
  • 0.65% of the consideration on properties $3 million and above (the higher rate applies to the entire consideration)

The seller pays the basic NYS transfer tax. If the seller fails to pay, the buyer becomes jointly liable, which is why title companies always collect it at closing.

The Mansion Tax — Buyer’s Side, Tiered Above $1 Million

For residential conveyances in NYC where consideration is $1 million or more, the buyer owes an additional tax. The base mansion tax is 1%. In 2019 the state added a progressive supplemental tier that applies only inside NYC. For 2026, the combined buyer-side tiers are:

  • $1,000,000 – $1,999,999: 1.00%
  • $2,000,000 – $2,999,999: 1.25%
  • $3,000,000 – $4,999,999: 1.50%
  • $5,000,000 – $9,999,999: 2.25%
  • $10,000,000 – $14,999,999: 3.25%
  • $15,000,000 – $19,999,999: 3.50%
  • $20,000,000 – $24,999,999: 3.75%
  • $25,000,000 and above: 3.90%

The mansion tax also has a cliff at each tier. A $1,999,999 sale is taxed at 1.00%; a $2,000,000 sale is taxed at 1.25% on the full price. Buyers near a tier line should run the math before signing.

Who Actually Pays What — The NYC Closing Default

By statute, the grantor (seller) is responsible for the city RPTT and the state basic transfer tax, and the grantee (buyer) is responsible for the mansion tax. There is one important exception: in sponsor sales of new development condos, the sponsor’s contract typically shifts both transfer taxes to the buyer. When that happens, the contract price has to be "grossed up" to include the taxes the buyer is paying on the sponsor’s behalf, which then pushes the consideration higher and can recursively bump the mansion tax tier. Read the rider carefully.

Common Exemptions Worth Knowing

  • Government conveyances. Transfers to or from the United States, New York State, or any of their agencies are exempt from RPTT.
  • Mere change of identity or form. Transferring property into your own LLC where ownership is unchanged is generally exempt under NYC Admin Code § 11-2106(b)(8), but you still must file Form NYC-RPT claiming the exemption.
  • Gifts with no consideration and no mortgage assumption. Pure gifts where no debt is being assumed are exempt — but if the property has a mortgage and the donee takes it subject to that debt, the outstanding balance counts as consideration.
  • Conveyances to qualifying not-for-profits for parks, open space, or historic preservation — exempt from the NYS additional (mansion) tax for transfers on or after May 9, 2025 (reflected on the 2026 TP-584 update).

How to File, Step by Step

  1. Open ACRIS at nyc.gov/acris and start a new cover page for the borough where the property sits.
  2. Enter the property’s BBL (borough-block-lot). The system pulls the address.
  3. Build the NYC-RPT packet. Enter consideration, property type, grantor and grantee details. ACRIS calculates the RPTT automatically.
  4. Attach Form TP-584. The same data flows into the state return; you confirm the figures and any mansion tax tier.
  5. Generate the recording package. ACRIS produces a signed cover page, the NYC-RPT, the TP-584, and a payment slip.
  6. Submit and pay within 30 days of transfer. Title companies do this at closing as part of the recording fee. If you are filing on your own, payment can be made by certified check at the City Register’s office.

Where to Get Help

Quick Worked Examples

Example 1 — $750,000 condo in Astoria. Residential, above $500,000. Seller owes NYC RPTT at 1.425% = $10,687.50. Seller owes NYS transfer tax at 0.4% = $3,000. No mansion tax (below $1M). Total transfer taxes at the closing table: $13,687.50, all on the seller’s side.

Example 2 — $2,400,000 brownstone in Park Slope. Seller owes NYC RPTT at 1.425% = $34,200. Seller owes NYS transfer tax at 0.4% = $9,600. Buyer owes mansion tax at the 1.25% tier (because the price is in the $2M–$2.99M band) on the full $2.4M = $30,000. Combined: $73,800, split $43,800 seller / $30,000 buyer.

Example 3 — $12,000,000 commercial loft. Seller owes NYC RPTT at the commercial 2.625% = $315,000. Seller owes NYS transfer tax at 0.65% (above $3M) = $78,000. No mansion tax (commercial). Combined: $393,000, all on the seller’s side.

Plan Around the Cliffs, Not Around the Tax

You cannot legally avoid these taxes on a real arms-length sale. What you can do is understand the cliff structure — $500,000 for RPTT, $1M and each subsequent tier for mansion tax, $3M for the higher NYS rate — and price accordingly. A few thousand dollars on the price can move you across a cliff that costs five or six figures in tax. That is where the conversation with your broker and your closing attorney earns its keep.

Tax advice in this article is informational. Consult a tax professional or NYC Department of Finance for your specific situation.

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