The combined NYC and NYS Transfer Tax rates are 1.4% for sales of $500k or less, 1.825% for sales above $500k and below $3 million, and 2.075% for sales of $3 million or more. The NYC component is 1% (for sale prices of $500k or less) and 1.425% (for sales above $500k). The NYS component of the Transfer Taxes is 0.4% for sales below $3 million, and 0.65% for sales of $3 million or more.
The NYC Transfer Tax rates are different for property types other than condos, co-ops and one- to three-family houses. For other types of real estate transfers, the NYC Transfer Tax (RPTT) rates are 1.425% for sales of $500k or less and 2.625% for anything above $500k. The higher NYS Transfer Tax rate of 0.65% kicks in at $2 million for commercial deals compared to $3 million for residential deals.