How Much Is the Real Estate Transfer Tax in Yonkers?

The combined city and state real estate transfer tax rate in Yonkers is 1.9% of the sale price.

Yonkers charges both a city and state transfer tax. The Yonkers city transfer tax rate is 1.5%, and the NYS Transfer Tax rate in Yonkers is 0.4%. The total transfer tax rate in Yonkers is 1.9%. Transfer taxes in Yonkers are a seller closing cost.

The Yonkers city transfer tax does not apply to co-ops. If you’re selling a co-op apartment in Yonkers, you’re only responsible for the NYS Transfer Tax of 0.4% of the sale price.

There is no Yonkers city transfer tax payable on sales of $25,000 or less.

What is the transfer tax rate in Yonkers, NY?
How is transfer tax calculated in Yonkers?
How are Yonkers and Westchester Transfer Taxes different?
Is there an exit tax in Yonkers?

The transfer tax rate in Yonkers, NY is 1.5% of the sale price. However, sellers in Yonkers are also required to pay the New York State Transfer Tax of 0.4%.

The combined city and state transfer tax rate for sellers in Yonkers, New York is 1.9% of the total consideration.

Calculate the Yonkers Transfer Tax by multiplying the sale price by 1.5%. To calculate NYS Transfer Taxes, multiply the sale price by 0.4%. 

To determine the combined city and state transfer taxes for a sale in Yonkers, multiple the sale price by 1.9%.

Here is an example of how to calculate transfer taxes in Yonkers, NY:

Remember that the Yonkers city transfer tax of 1.5% does not apply to co-ops. In addition, there is no Yonkers city transfer tax payable on sales of $25,000 or less.

Per the city commissioner, “The (transfer) tax is due and payable to the City of Yonkers, within seven (7) days after delivery of the deed by the grantor to the grantee but before the recording of such deed.”

Moreover, “A return must be filed by both the grantor and the grantee whether or not a tax is due and although the consideration for the deed is $25,000 or less.”

Real estate transfer taxes in Yonkers are considerably higher versus transfer taxes in Westchester. This is because Yonkers charges a city transfer tax of 1.5% on top of the NYS Transfer Tax of 0.4%.

Other cities in Westchester which levy a city transfer tax include Peekskill (1%) and Mt. Vernon (1% on consideration in excess of $100,000).

Sellers in the rest of Westchester (outside of Yonkers, Peekskill and Mt. Vernon) are only responsible for the NYS Transfer Tax of 0.4%.

Keep in mind that the additional city transfer taxes levied by Yonkers, Peekskill and Mt. Vernon do not apply to co-ops.

The Yonkers city transfer tax of 1.5% is often referred to as an exit tax. This is because sellers essentially have to pay this tax to ‘exit’ their property ownership (and residency) in Yonkers.