A Transfer Tax is a tax paid to the state or the city based on the sale price of the property. Transfer taxes vary depending on the state and location where the property is located. In New York, the Transfer Tax paid by the Seller, unless stipulated otherwise in the contract of sale. The transfer tax is computed at a rate of two dollars for each $500, or fractional part thereof. In addition, residences with sale prices in excess of 1,000,000 there is an additional tax of 1{1592b456bb397d7b1335e8cb7c8d388f609c79ce87b658be6f21701fbfca1d48} of the sale price known as a mansion tax.

New York City imposes additional transfer taxes of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of residential real property is $3 million or more (“additional base tax”).

An additional base tax of $1.25 for each $500, or fractional part thereof, when the consideration for the entire conveyance of property other than residential real property is $2 million or more; and

A supplemental tax on the conveyance of residential real property, or interest therein, when the consideration is $2 million or more. The tax rate is an incremental rate between .25{1592b456bb397d7b1335e8cb7c8d388f609c79ce87b658be6f21701fbfca1d48} and 2.9{1592b456bb397d7b1335e8cb7c8d388f609c79ce87b658be6f21701fbfca1d48} based on the purchase price.