Westchester Transfer Tax FAQ:
How much are transfer taxes in Westchester County?
The real estate transfer tax rate in Westchester County, NY is 0.4% of the sale price. The Westchester transfer tax is also known as the NYS Transfer Tax. The NYS Transfer Tax is a seller closing cost.
A handful of cities in Westchester charge sellers a city transfer tax on top of the NYS Transfer Tax. These cities include Yonkers, Peekskill and Mt. Vernon.
Yonkers charges its own transfer tax of 1.5% on top of the standard 0.4% NYS Transfer Tax, for a total of 1.9% of the sale price.
Peekskill charges a city transfer tax of 1% in addition to the NYS Transfer Tax rate of 0.4%, for a total of 1.4% in seller transfer taxes.
Mt. Vernon levies a city transfer tax of 1% on consideration in excess of $100,000 in addition to the 0.4% NYS Transfer Tax on the entire purchase price. The combined city and state transfer tax rate in Mt. Vernon is approximately 1.4%.
Note that the additional city transfer taxes imposed by Yonkers, Peekskill and Mt. Vernon do not apply to co-ops.
How much are seller closing costs in Westchester?
Seller closing costs in Westchester County are roughly 6.5% to 8%. However, you can pay as little as 1% to 2% in total closing costs by using a Hauseit Agent Assisted FSBO Listing. Another reduced commission option is a 1% Full Service Listing.
The largest seller closing costs in Westchester include broker commissions, NYS Transfer Taxes, city transfer taxes in the case of Yonkers, Mt. Vernon and Peekskill as well as seller attorney fees.
Additional seller closing costs in Westchester include bank loan satisfaction fees if you have an outstanding mortgage, the property condition disclosure waiver fee if you’re selling a house as well as building fees if you’re selling a condo or co-op.