Are you selling your New York home? You might not have considered the cost of transfer taxes, which can account for a sizeable portion of your final closing costs.

What are transfer taxes? Transfer taxes are one-time fees levied by government entities when transferring property ownership from one party to another, such as when selling your home. These taxes will vary based on where you live and are typically proportional to your home’s value.

This post will explain transfer taxes in New York, showing you what you can expect, how much you can expect to pay, and other things you should know.