NYC MANSION TAX CALCULATOR

NYC Mansion Tax Calculator

Calculate NYC Mansion Tax and transfer taxes for your property purchase based on sale price and property type.

Property Details

$

Sponsor Pays / Buyer Pays Transfer Taxes

Typically paid by seller, but buyer pays in new dev.

Estimated NYC Mansion Tax

$15,000

Total Buyer-Paid Taxes & Fees

$15,000

1% Mansion Tax Rate

Purchase Price

$1.5M

Mansion Tax

$15K

NYC Transfer

$21K

NYS Transfer

$6K

Total Buyer Pays

$15K

Key Cost Drivers

Mansion Tax

$15,000

Applies to qualifying residential purchases of $1M or more.

NYC Transfer Tax

$21,375

Typically paid by the seller, but shifted to the buyer in sponsor sales.

NYS Transfer Tax

$6,000

Standard 0.4% tax with an additional 0.25% surcharge for high-value transactions.

Detailed Breakdown

“Mansion tax applies to residential purchases of $1M or more. NYC and NYS transfer taxes also apply, and are negotiable who pays in sponsor sales.”

Tax TypeAmount
NYS Mansion Tax (1%)Rate: 1.000%
$15,000
NYS Transfer Tax (base 0.4%)Rate: 0.400%
$6,000
NYC Transfer TaxRate: 1.425%
$21,375
Total Combined Taxes$42,375

Mansion Tax Examples by Purchase Price

Based on 2026 NYC mansion tax rates applied to the full purchase price.

Purchase PriceRateMansion TaxBuyer Context
$1,000,0001.00%$10,000First mansion tax threshold — minimum tax applies
$1,500,0001.00%$15,000Common entry-level luxury condo range
$2,000,0001.25%$25,000NYC supplemental tier begins — rate jumps at this threshold
$3,000,0001.50%$45,000Mid-luxury condo and townhouse range
$5,000,0002.25%$112,500High-end condo, townhouse, and penthouse range
$10,000,0003.25%$325,000Trophy penthouse and luxury townhouse range
$25,000,0003.90%$975,000Maximum tier — ultra-luxury properties

* Rate applies to the full purchase price, not just the amount above each threshold. Verify rates with your attorney before closing.

About NYC Transfer Taxes

Mansion tax is residential-only and starts at 1% for purchases of $1M or more. NYC and NYS transfer taxes also apply to transfers of real estate, commonly paid by the seller, but shifted to the buyer in sponsor/new development sales.

This calculator provides estimates for informational purposes only and is not legal, tax, or financial advice. Actual costs and requirements vary by property, contract, building, lender, and location and may change over time. Verify all figures with your attorney, lender, and closing agent before relying on them.

Can the Buyer Advantage Help Offset Mansion Tax?

Mansion tax is still due when it applies. An Estimated Buyer Advantage or closing credit does not reduce the tax itself.

What it can do is help lower the overall cost of buying.

For eligible purchases, Real Estate Rebates New York may offer an Estimated Buyer Advantage at closing. That money can help offset part of the buyer's total closing-cost burden, including mansion tax, title charges, attorney fees, mortgage-related costs, and other expenses that come with buying in NYC.

This matters more as the purchase price goes up. On a $2 million purchase, total buyer closing costs can easily reach $50,000 to $80,000 or more, depending on the property type and financing. For a higher-priced condo, townhouse, penthouse, or new development, the numbers can climb quickly.

Here is a simple way to think about it:

Purchase PriceEstimated Buyer AdvantageWhy It Matters
$2MUp to about $10,000+Can help offset part of the mansion tax or other closing costs
$5MUp to about $25,000+Can make a meaningful difference in total cash needed to close
$10M+Custom estimateBuyer Advantage should be reviewed based on the actual deal structure

* Advantage estimates are illustrative. Actual results depend on the purchase price, property type, commission structure, and transaction terms. Before making an offer, ask Régis to review the full closing-cost picture.

Request a Buyer Savings Estimate

How the NYC Mansion Tax Works

The NYC mansion tax applies when a residential purchase reaches $1,000,000 or more. The rate starts at 1% and increases at higher price points. The tax is calculated on the full purchase price, not just the amount above each threshold.

For buyers, the important point is simple: mansion tax is separate from your down payment, attorney fee, lender costs, title charges, and any new development costs. It is usually paid by the buyer at closing.

NYC Mansion Tax Tiers

Sale Price RangeBase (NYS 1%)SupplementalTotal Rate
$1M – <$2M1.00%—1.00%
$2M – <$3M1.00%0.25%1.25%
$3M – <$5M1.00%0.50%1.50%
$5M – <$10M1.00%1.25%2.25%
$10M – <$15M1.00%2.25%3.25%
$15M – <$20M1.00%2.50%3.50%
$20M – <$25M1.00%2.75%3.75%
$25M+1.00%2.90%3.90%

Frequently Asked Questions

Glossary of Terms

Mansion Tax
A state-level tax (NYS) of 1% applied to residential purchases of $1 million or more in New York State.
NYC Supplemental Mansion Tax
An additional progressive tax ranging from 0.25% to 2.90% applied specifically in New York City for residential properties priced at $2 million or higher.
NYS Transfer Tax
A standard transfer tax of 0.4% charged by the state. An additional 0.25% is applied for residential properties $3M and over (or $2M and over for commercial).
NYC Transfer Tax
A city-level tax levied on real property transfers. For residential sales, it is 1% for $500,000 or less, and 1.425% for sales over $500,000.
Buyer Closing Costs
The collective fees and taxes paid by the buyer to finalize a property purchase. In NYC, mansion taxes are a major component of buyer closing costs.
New Development Transfer Taxes
When buying directly from a sponsor in a new development, the buyer is typically required to pay the NYS and NYC Transfer Taxes (which are normally paid by the seller in a resale).
Co-op Mansion Tax Consideration
While co-op buyers purchase shares in a corporation rather than real property, the mansion tax still explicitly applies to co-op sales of $1M or more.

Need Help Navigating NYC Mansion Tax?

Before you make an offer, ask Régis to review your estimated mansion tax, buyer closing costs, and eligible Buyer Advantage opportunities.

Schedule a Private ConsultationEstimate Your Buyer Advantage →