New York closing taxes and fees, in plain numbers
The rates our calculator runs on, written out so you can check a figure, quote a client or settle an argument without opening a spreadsheet. New York is a filed-rate state: title insurance premiums follow the TIRSA rate manual approved by the Department of Financial Services, and every agency charges the same premium for the same policy. Taxes and recording charges are set by statute and by each county clerk.
Rates shown reflect the schedules in effect as of the date noted on each table. Rates and county charges change. Call us at 631.307.9161 to confirm a figure before you rely on it in a contract or a closing statement.
Mortgage recording tax
PAID AT RECORDING · BORROWER AND LENDER
New York's mortgage recording tax is charged on the principal amount of the mortgage, not the purchase price, and in most counties it is split between the borrower and the lender. In Suffolk and Nassau counties the borrower pays 0.80% and the lender pays 0.25%, for a combined 1.05%. The borrower's share is reduced by a $30 credit where the mortgage encumbers one- or two-family residential property. A refinance is taxed the same way as a purchase money mortgage unless the prior mortgage is assigned and the credit line mortgage or CEMA provisions apply.
| County |
Borrower |
Lender |
Combined |
1–2 family credit |
| Suffolk |
0.80% |
0.25% |
1.05% |
$30 |
| Nassau |
0.80% |
0.25% |
1.05% |
$30 |
| Westchester |
1.05% |
0.25% |
1.30% |
$30 |
| New York City — all five boroughs |
1.675% |
0.25% |
1.925% |
none |
| Other New York counties |
0.75% |
0.25% |
1.00% |
$30 |
New York City rates shown are the combined state and city mortgage recording tax on residential property. A different city rate applies to commercial property and to residential mortgages under $500,000 — ask us for the figure on your file.
Transfer tax and mansion tax
TP-584 · FILED WITH THE DEED
New York State real estate transfer tax
0.4%
$2 for every $500 of consideration, or fraction thereof. Customarily paid by the seller. Reported on Form TP-584 and filed with the deed. New York City conveyances also carry the city's separate Real Property Transfer Tax.
Mansion tax
1%
Applies to residential conveyances where consideration is $1,000,000 or more, calculated on the entire consideration rather than the amount over the threshold. Customarily paid by the buyer. Residential conveyances inside New York City carry additional graduated supplemental rates on top of this 1%.
Peconic Bay Community Preservation Fund tax
EFFECTIVE 04/01/2023 · BUYER
Five East End towns in Suffolk County levy the Peconic Bay Region Community Preservation Fund tax on conveyances of real property. The tax is charged on the consideration above a town-specific allowance and is customarily paid by the buyer. East Hampton, Shelter Island, Southampton and Southold adopted the Community Housing Fund, which raised their rate to 2.5% and limited the allowance to residential property with no allowance at all on conveyances over $2,000,000. Riverhead remains at 2.0%, allows the exemption on commercial as well as residential property, and applies no ceiling.
| Town |
Rate |
Improved |
Vacant |
Allowance limits |
| East Hampton |
2.5% |
$400,000 |
$100,000 |
Residential only; no allowance over $2,000,000 |
| Shelter Island |
2.5% |
$400,000 |
$100,000 |
Residential only; no allowance over $2,000,000 |
| Southampton |
2.5% |
$400,000 |
$100,000 |
Residential only; no allowance over $2,000,000 |
| Southold |
2.5% |
$200,000 |
$75,000 |
Residential only; no allowance over $2,000,000 |
| Riverhead |
2.0% |
$150,000 |
$75,000 |
Residential and commercial; no ceiling |
The CPF form must be filed with the deed in these five towns and printed on legal size paper. It is not required anywhere else in Suffolk County.
Recording charges and ancillary fees
TYPICAL · SUFFOLK AND NASSAU
County clerk recording charges depend on page count, the number of cross-references and the block-and-lot count, so the figures below are the typical all-in charge we use for a standard residential instrument in Suffolk and Nassau. Ancillary search and service fees are Agent Abstract's own charges.
| Item |
Typical charge |
| Deed recording — standard residential instrument |
$405 |
| Mortgage recording — standard residential instrument |
$595 |
| Satisfaction of mortgage recording |
$510 |
| Municipal and departmental searches — Suffolk or Nassau |
$110 |
| Municipal and departmental searches — other counties |
$250 |
| Endorsements — environmental, residential mortgage, waiver of arbitration |
$50 each |
Who customarily pays what
NEGOTIABLE IN THE CONTRACT
These are customs, not rules. Every item below can be shifted by the contract of sale, and custom varies between downstate and upstate New York.
BUYER
Owner's title insurance premium. Lender's policy premium and endorsements. Borrower's share of the mortgage recording tax. Mansion tax. Peconic Bay CPF tax. Municipal and departmental searches. Survey. Deed and mortgage recording charges.
SELLER
New York State real estate transfer tax. New York City Real Property Transfer Tax where applicable. Payoff and satisfaction recording charges. Clearing violations, liens and judgments of record. Nonresident estimated tax on Form IT-2663 where it applies.
Title insurance premiums
TIRSA RATE MANUAL · FILED WITH DFS
Title insurance premiums in New York are not negotiable and do not vary between agencies. They are set by the TIRSA rate manual filed with and approved by the New York State Department of Financial Services, and they are calculated from the policy amount on a sliding bracket schedule — the rate per thousand falls as the amount rises. A simultaneous loan policy issued with an owner's policy is written at a reduced simultaneous rate, and a refinance within ten years of a prior insured mortgage may qualify for a reissue discount.
Because the premium depends on the bracket your policy amount falls in, the reliable way to get the number is the rate calculator or a phone call. We will quote a premium on the spot at 631.307.9161.
