Mansion Tax
A NY State buyer-paid tax starting at 1% of full purchase price on residential sales of $1,000,000 or more, stepping up to 3.9% above $25 million.
Last updated: August 12, 2026A buyer-paid New York State tax on residential sales — co-ops, condos, and 1-3 family homes — of $1,000,000 or more. It’s a full-price bracket tax, not a marginal one: crossing a tier line by even $1 raises the tax on the entire purchase price, not just the amount above the threshold, which is why round-number list prices tend to cluster just under bracket lines ($999,000, $2,995,000).
| Purchase price | Rate |
|---|---|
| Under $1,000,000 | 0% |
| $1,000,000–$1,999,999 | 1.00% |
| $2,000,000–$2,999,999 | 1.25% |
| $5,000,000–$9,999,999 | 2.25% |
| $25,000,000+ | 3.90% |
Worked example
A $2,000,000 condo owes $2,000,000 × 1.25% = $25,000 in mansion tax. Drop the price by $1, to $1,999,999, and it falls back into the 1.00% bracket: $1,999,999 × 1.00% ≈ $20,000 — a $5,000 swing from a single dollar of price. See the full mansion tax guide for the complete tier table, or see it factored into your max purchase price automatically on the Condo Calculator.