How to estimate your net proceeds when selling a New York home

What comes out of a New York sale

A useful net sheet has these lines, roughly in the order they hit at the closing table:

• The New York State transfer tax, which the seller pays
• The New York City real property transfer tax, for sales inside the five boroughs
• Local transfer taxes in a few cities, such as Yonkers and Peekskill
• Your broker's commission, as negotiated
• Your own attorney's fee
• For a co-op, the flip tax and other building charges
• Your mortgage or other liens paid off at closing
• Later, income tax on any gain that your home-sale exclusion does not cover

Only some of these have a published rate. Others come from a contract or a building, so this guide tells you who can give you the number.

The New York State transfer tax

New York State charges $2 for each $500 of the price, or fractional part of $500. That equals 0.4 percent. The price is rounded up to the next $500 before the rate is applied, according to Tax Law section 1402 and the state's TP-584 instructions (August 2025 revision).

The $3 million step in New York City

New York City residential sales carry an added state tax of $1.25 per $500 when the price of the entire conveyance is $3,000,000 or more. That brings the total state rate on those sales to 0.65 percent. The added tax applies to the whole price, not just the amount over $3,000,000. The TP-584-NYC instructions illustrate that with a $4,000,000 two-family sale taxed at $10,000 on the added portion. The result is a cliff: a $2,999,999 residential sale pays 0.4 percent, while a $3,000,000 sale pays 0.65 percent on all of it.

Who pays

The seller, called the grantor on the deed. The buyer is liable only when the seller fails to pay or is exempt, in which case the two are jointly responsible. A contract may shift the cost. When a buyer pays under the contract for a residential property, the tax amount is excluded from the taxable price, per Tax Law section 1404 and the TP-584 instructions.

Co-ops and the lien deduction

The state form treats a residential cooperative apartment as residential real property, so co-op sales are taxed. There is also a continuing lien deduction. For one to three family houses, individual condo units and any conveyance under $500,000, taxable consideration excludes liens or mortgages that remain on the property at conveyance, such as an assumed mortgage. For co-op resales, liens on the shares are excluded under section 1405-b.

The New York City real property transfer tax (RPTT)

Inside the five boroughs, the city adds its own tax. For residential property, meaning a one to three family home, an individual condo unit or a co-op apartment, the city's Department of Finance and NYC 311 give these rates:

The rate applies to the whole price. It also covers co-op stock: the city lists transfers of co-op shares among the taxed transfers. It applies when the transfer is at least 50 percent of a controlling interest and the value exceeds $25,000. The return and payment are due within 30 days of the transfer.

Who pays it? The seller is customary, and that is how net sheets treat it. The city says both parties are responsible for filing and can be held liable, so ask your attorney to confirm that the closing statement shows it on the seller's side.

A worked example: a $900,000 New York City co-op

The price is hypothetical. The two tax lines use the rates above. Everything else is left blank for you to fill with your own quote, because each depends on your contract, lender and building.

Sources: Tax Law section 1402; TP-584-I; NYC Finance, RPTT.

To see how the step at $3 million plays out, the same math on a $3,000,000 New York City residential sale gives a state tax of 6,000 × $3.25, or $19,500, against $12,000 on a $2,999,999 sale. The net proceeds calculator on this site implements exactly these rates, so you can enter your price, commission and payoff and see the result. Add your flip tax and attorney fee yourself.

Local transfer taxes outside New York City

A few cities add their own tax. Two examples, with the city's own records as the source:

• Yonkers: 1.5 percent of the selling price, paid by the seller, with no tax on sales of $25,000 or less. Sales of co-op units are exempt, and payment is due within seven days of delivering the deed and before recording, according to the city's page.
• Peekskill: 1 percent of consideration, paid by the grantor within 30 days after delivering the deed and before recording, under Local Law 11 of 2010, per the city's council record. Confirm the current rate with the city.

For Nassau County, Suffolk County outside the East End and Westchester outside those cities, ask the attorney or title company whether a local transfer tax applies to your address. The same goes for other Westchester cities.

The buyer's side, which matters when you buy your next home

Sellers who downsize usually buy too, so some taxes on the other side of the table belong in your budget. The state's additional tax, often called the mansion tax, is 1 percent of the consideration when the whole conveyance is $1,000,000 or more, for a one to three family house, an individual condo unit or a co-op apartment. The buyer pays it, and the seller must pay if the buyer fails or is exempt. It applies to the whole price once the threshold is met, per Tax Law section 1402-a.

New York City residential purchases add a supplemental tax on the entire amount, also paid by the buyer. Under section 1402-b and the TP-584-NYC instructions:

Buyers generally pay for title insurance too. The Department of Financial Services says the buyer is generally responsible for both the owner's and lender's policies, though it is negotiable in the contract, per the DFS title insurance page. On the East End of Suffolk County, a 2 percent Community Preservation Fund tax is described as buyer-paid, per the Peconic Land Trust, and Southampton's FAQ lists further exemptions and a housing fund tax. Ask your attorney for the total.

Rates can change, so confirm current figures with your attorney.

Sources: Tax Law 1402-a; Tax Law 1402-b; TP-584-NYC-I.

Co-op flip tax and other building charges

A flip tax is a transfer fee charged by the cooperative corporation on a sale of shares. It is not a government tax. State law, in Business Corporation Law section 501(c), allows fees payable on a sale or transfer of shares to vary. The amount and formula come from each building's offering plan, proprietary lease, bylaws or amendments. There is no fixed statewide rate. Ask the managing agent for the figure in writing.

Other co-op seller charges can include a co-op attorney fee, a managing agent processing fee, a move-out deposit, a recognition agreement fee, maintenance adjustments, a bank payoff fee and a UCC-3 termination fee. Treat that as a list of things to ask about. Amounts vary by building. If you are selling a condo, the board of managers may charge fees and you should ask about unpaid charges at closing: state law lets the buyer and seller obtain a statement of unpaid common charges, and they are paid from the sale proceeds or by the buyer, under Real Property Law section 339-z.

Attorney fees and commissions

Your attorney

In most parts of New York, attorneys are used in a real estate transaction, according to the New York City Bar. In downstate New York, the seller's attorney usually prepares the contract, per the State Bar Association. Sellers commonly pay their own attorney. Ask for a flat fee or estimate in writing before you hire anyone. Brokers cannot give legal advice, per the Department of State's Legal Memorandum LI04.

Commissions after the NAR settlement

Since August 17, 2024, offers of compensation are banned on MLSs, and agents must have a written agreement with buyers before touring homes. Commissions remain negotiable, according to the National Association of Realtors. No commission percentage is set by law. Ask each agent what you would pay, to whom and for what.

Mortgage payoff

Whatever you still owe on the home, including a home equity line, comes out of the proceeds at closing. Each lender provides a payoff letter showing the balance and interest through the closing date, so the number differs from your last statement.

Tax on the gain

The federal home-sale exclusion

Under IRC section 121, you can exclude up to $250,000 of gain, or $500,000 on a joint return. You must have owned the home and used it as your main home for at least 24 months in the five years before the sale, and you cannot have excluded gain on another home sale in the prior two years. On a joint return, either spouse can meet the ownership test but both must meet the use test. See the IRS topic 701.

New York State and New York City income tax

New York adjusted gross income starts from federal adjusted gross income plus New York modifications, so gain that the exclusion does not cover flows into your New York taxable income. New York City residents also compute city resident tax on the same return, per the IT-201 instructions. Your CPA can model the rates that apply to you.

If you are a nonresident when you sell

A nonresident seller must estimate New York tax on the gain and pay it with the deed at recording, using Form IT-2663. A sale of property that qualifies in total as the seller's principal residence under section 121 is exempt from the estimate, even if the gain exceeds the exclusion, and the seller claims that on Schedule D of TP-584. Co-op stock sales by nonresidents use Form IT-2664. Residents at the time of sale are not subject. Use the 2026 form for transfers after December 31, 2025 and before January 1, 2027, per the IT-2663 instructions. The seller may still have to file a New York return.

If you plan to move out of state before selling, see the buy first or sell first guide. Property tax benefits are covered in New York senior property tax exemptions.

What to gather before you list

• Your purchase closing statement and deed, to calculate basis and holding period
• Receipts and records for improvements, which your CPA may use when figuring the gain
• The proprietary lease and bylaws if you own a co-op, to check the flip tax and fees
• Your latest mortgage statements and lender contacts
• A list of the years you owned and lived in the home, for the section 121 test

The broader cost picture is on Costs and Money, and the step-by-step downsizing guide puts the sale in order with everything else. When you want an estimate built for your own home, get matched. Introductions go to agents on the operating team at eXp Realty, so this is not a search of the whole market.