New York net proceeds calculator
Estimate what you might walk away with after selling a house, condo or co-op in New York, using New York State and New York City transfer tax rates. Everything runs in your browser; nothing you type is saved or sent.
How the estimate works
New York State real estate transfer tax is $2 for each $500 of the price, or fraction of $500, which works out to 0.4 percent. In New York City, a residential sale of $3,000,000 or more adds $1.25 per $500 on the entire price, for 0.65 percent in total. The seller normally pays it.
New York City Real Property Transfer Tax applies to one to three family homes, individual condo units and co-op apartments. It is 1 percent of the whole price at $500,000 or less and 1.425 percent of the whole price above $500,000. The seller customarily pays it.
| Sale price (NYC home, condo or co-op) | State tax | NYC tax | Both |
|---|---|---|---|
| $500,000 | $2,000 | $5,000 | $7,000 |
| $900,000 | $3,600 | $12,825 | $16,425 |
| $3,000,000 | $19,500 | $42,750 | $62,250 |
Sources: New York Tax Law section 1402; Form TP-584-NYC instructions (8/25); NYC Department of Finance, Real Property Transfer Tax.
What the calculator leaves out
- Local transfer taxes outside the city. A few places add their own. The City of Yonkers charges 1.5 percent of the price to the seller (co-op sales are exempt) and the City of Peekskill charges 1 percent. Ask your attorney or title company what applies to your address.
- A co-op flip tax. This is a fee set by each building's own documents, not a government tax. Ask the managing agent for the formula and add it under other closing costs.
- An assumed mortgage. For one to three family homes and condo units, a mortgage that stays on the property can be deducted from the price the state tax is figured on. That is rare in a downsizing sale, so the calculator ignores it.
- Income tax on the gain. Federal law lets you exclude up to $250,000 of gain, or $500,000 on a joint return, if you owned and lived in the home for at least two of the last five years. Gain above that flows into your New York income, and into New York City income tax if you live in the city. See estimating your net proceeds.
If you are buying your next home, remember that the buyer pays the state's 1 percent mansion tax on residential purchases of $1 million or more, plus a tiered supplemental tax on New York City purchases of $2 million or more. The full picture is on Costs and Money.
An estimate, not a closing statement. Your attorney and title company prepare the real numbers, including prorated taxes, maintenance or common charges, payoff fees and anything the contract shifts between buyer and seller. This page is general information, not tax or legal advice.
Want a local professional to run real numbers on your home? Get matched with a New York downsizing specialist.