NYC Mansion Tax Calculator
Calculate the progressive mansion tax on NYC property purchases starting at $1 million
New York Calculator
Get accurate results
Updated for 2025 with real New York rates, brackets, and regulations
Despite its name, the 'mansion tax' applies to most NYC apartment purchases — not just mansions. Any residential property sold for $1 million or more triggers a 1% tax paid by the buyer. In 2019, NYC added a progressive surcharge for properties above $2M, with rates escalating up to 3.9% for properties over $25M. On a typical $1.5M Brooklyn condo, the mansion tax adds $15,000 to closing costs.
Calculate Your NY Tax
NYC Mansion Tax
$25,000
Tax Rate
1.25%
Transfer Tax
$28,500
Mortgage Recording Tax
$30,800
Total Buyer Taxes
$84,300
Effective Tax Rate
4.21%
Breakdown
Insight
Your $2,000,000 purchase triggers the 1.25% mansion tax — $25,000. Combined with transfer tax and mortgage recording tax, total buyer taxes are $84,300 (4.21% of purchase price).
AI Explanation
What This Means
Based on default inputs, the NYC Mansion Tax Calculator shows a nyc mansion tax of $25,000. Key figures: Tax Rate: 1.25%, Transfer Tax: $28,500, Mortgage Recording Tax: $30,800, Total Buyer Taxes: $84,300, Effective Tax Rate: 4.21%.
Key Insights
Your $2,000,000 purchase triggers the 1.25% mansion tax — $25,000. Combined with transfer tax and mortgage recording tax, total buyer taxes are $84,300 (4.21% of purchase price).
What You Can Do
Enter your actual figures in the calculator above for a personalized breakdown. Consider consulting a tax professional for comprehensive planning, especially for complex situations involving multiple income sources or deductions.
Keep In Mind
This calculator provides estimates based on 2026 rates. Actual tax liability may vary based on credits, exemptions, and other factors not captured here. This is for educational purposes only and should not be considered tax advice.
How the NYC Mansion Tax Calculator Works
The NYC Mansion Tax Calculator uses 2026 tax rates, brackets, and deductions specific to New York to provide you with an accurate estimate of your tax obligations. Unlike generic federal-only calculators, this tool accounts for the unique tax structure that New York residents face.
Formula
Mansion Tax = Purchase Price x Rate (1% at $1M, up to 3.9% at $25M+)Simply enter your financial details above, and the calculator instantly computes your results using the latest available data. All calculations happen directly in your browser — your personal information is never sent to any server or stored anywhere.
Why Use a New York-Specific Calculator?
State-Specific Rates
Uses real 2026 New York tax brackets, rates, and thresholds — not generic national averages that miss state-level nuances.
Local Programs & Exemptions
Factors in New York-specific programs, exemptions, and deductions that national calculators simply don't account for.
Instant & Private
All calculations run locally in your browser. No account required, no data stored, no waiting for results.
AI-Powered Explanations
Get a plain-English breakdown of your results with actionable insights you can actually use for financial planning.
What's Included
Progressive Rates
Shows exact rate across all 8 mansion tax brackets ($1M to $25M+)
Total Closing Costs
Combines mansion tax with mortgage recording tax, transfer tax, and fees
Threshold Planning
See how pricing just under $1M avoids the tax entirely
Frequently Asked Questions
What are the NYC mansion tax rates?
$1M-$2M: 1%, $2M-$3M: 1.25%, $3M-$5M: 1.5%, $5M-$10M: 2.25%, $10M-$15M: 3.25%, $15M-$20M: 3.5%, $20M-$25M: 3.75%, $25M+: 3.9%.
Who pays the mansion tax — buyer or seller?
The buyer pays the mansion tax. The seller pays the transfer tax. This is the opposite of most transaction taxes. The mansion tax is due at closing.
Does the mansion tax apply to co-ops?
Yes. The mansion tax applies to all residential property transfers in NYC including co-op shares, condos, townhouses, and single-family homes when the price is $1M or more.
Can I avoid the mansion tax by pricing at $999,999?
Technically yes — pricing at $999,999 avoids the 1% tax, saving $10,000. This creates a pricing 'cliff' and is why very few NYC properties sell between $1.0M and $1.01M. However, the IRS and NYC may scrutinize transactions structured to avoid the tax.
Is there a mansion tax outside NYC?
The base 1% mansion tax applies statewide in New York on purchases of $1M+. The additional progressive surcharges (1.25%-3.9%) only apply within NYC.
Important Information for New York Residents
Tax laws in New York can change annually. This calculator is updated regularly to reflect the latest 2026 rates and regulations, but you should always verify important financial decisions with a qualified New York tax professional or CPA.
This tool is designed for informational and educational purposes. While we strive for accuracy using official New York Department of Taxation data, the results should be used as estimates for planning purposes only. Your actual tax liability may differ based on credits, special circumstances, and legislative changes that occur after our last update.
For filing deadlines, payment schedules, and official forms, visit the New York Department of Taxation and Finance website. If you have complex tax situations involving multiple states, business income, or significant investment gains, professional guidance is recommended.
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