💡 Selling Your Property in New York? Don’t Forget About Transfer Taxes!

marketing928870
Sep 30
2 min read

When you’re preparing to sell your home, it’s easy to focus on listing price, marketing, and negotiating offers. But one important closing cost that often catches sellers by surprise is the Transfer Tax.

Here’s what you need to know before heading to the closing table:

🏡 Who Pays the Transfer Tax?

In most cases, the seller is responsible for paying the transfer tax at closing. This fee is essentially a tax on transferring ownership of property from one party to another.

📍 Transfer Tax Rates by Location

Not all areas in New York are taxed the same. Here’s a breakdown:

Nassau & Suffolk County (Long Island): 0.4% of the sales price
New York City (Queens, Brooklyn, Bronx, Manhattan, Staten Island): 1.825% (made up of 0.4% NY State + 1.425% NYC tax)

💰 Real-Life Example on an $800,000 Sale

In Nassau/Suffolk County: Seller pays $3,200
In Queens (NYC): Seller pays $14,600

✨ That’s over 4 times higher in NYC than on Long Island showing just how much location can impact your bottom line!

Why It Matters

Understanding transfer taxes upfront helps you avoid last-minute surprises and budget more effectively. Whether you’re buying, selling, or simply exploring your options, being informed about these costs ensures a smoother transaction.

At LJ Realty Team, we’re here to guide you through every step of the process, from listing to closing, while making sure you understand all costs involved.

📍 Serving Queens, NYC, and Long Island, our team is your trusted partner in navigating the real estate market.