Buying a home in New York
Property taxes, transfer taxes, home values and first-time buyer help in New York.
Effective property tax rate
1.55%
Median tax $6,582 ÷ median value $423,800 (ACS 2020–2024)Typical home value
$526,714
Zillow ZHVI, 2026-08Transfer & recording taxes Estimate
$2,108
Total on a $526,714 home; buyer’s typical share $0.How we estimated
$2 per $500 (0.4%) paid by the seller, plus a 1% mansion tax paid by the buyer at $1 million or more (N.Y. Tax Law §1402). New York City adds its own taxes, which are not included. Sources: NY Dept. of Taxation: Real estate transfer tax. Checked 2026-10-15.Estimated buyer closing costs Estimate
$5,000–$7,200
On a $526,714 home: typical lender fees + title insurance + deed recording (TallyClose) + the buyer’s share of transfer/recording taxes. Excludes prepaids, escrow and local taxes.At New York's effective rate of 1.55%, a typical $526,714 home would owe about $8,164/year ($680/month) in property taxes. Actual bills depend on your county, city and exemptions. Run your numbers.
First-time homebuyer programs
New York State Homes and Community Renewal
Your state housing finance agency offers down payment assistance and low-rate mortgages for eligible buyers. Visit New York State Homes and Community Renewal →
Sources: U.S. Census Bureau ACS 2020–2024 5-year (B25103, B25077); Zillow Home Value Index; TallyClose closing-cost dataset (CC BY 4.0), which cites each state statute; NCSHA HFA directory. Last updated 2026-10-15.