Sellers typically pay the broker commission, attorney fees, and New York City/State transfer taxes. Exact amounts depend on price and property type (condo, co-op, or townhouse). I’ll walk you through a precise estimate for your specific home before we list.
Mansion Tax (1% of purchase price) is paid by the purchaser on transactions that are 100% residential and the purchase price is $1M or more. In the five boroughs of New York City, the rate increases based on the sales price as follows:
Note: mansion tax also applies to mixed use. If a property is $1,000,000 and includes a store & 2 residential units, mansion tax would be due on the % of the consideration corresponding to the residential units.
PROPERTY PRICE | MANSION TAX RATE |
|---|---|
$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 or more | 3.90% |
