Buying a home in New York
Property taxes, transfer taxes, home values and first-time buyer help in New York.
For home buyers in New York: the taxes and typical costs of buying, with official sources.
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.At New York's effective rate of 1.55%, a typical $524,942 home would owe about $8,137/year ($678/month) in property taxes. Actual bills depend on your county, city and exemptions. Run your numbers.
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 →
Next steps
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 2026-11-01.
Common questions
What is the property tax rate in New York?
The effective property tax rate in New York is 1.55%: the median tax of $6,582 divided by the median home value of $423,800 (U.S. Census Bureau ACS 2020–2024).
What is a typical home value in New York?
$524,942 in September 2026, according to the Zillow Home Value Index.
Who offers first-time homebuyer help in New York?
New York State Homes and Community Renewal, the state housing finance agency, offers down payment assistance and lower-rate loans for eligible buyers.
Updated . Official sources: U.S. Census Bureau ACS, Zillow Research ZHVI.
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