Buffalo is located in Erie County, New York. New York State imposes a real estate transfer tax of $4.00 per $1,000 (0.40%) on all deed transfers, paid by the seller. For sales over $1,000,000, the buyer also pays a 1% "mansion tax" on the full purchase price. Erie County and the City of Buffalo do not impose additional local transfer taxes beyond the state rate.
In Buffalo, the New York State transfer tax (0.40%) is paid by the seller at closing. For properties sold for over $1,000,000, the buyer pays the additional 1% mansion tax. These are established by New York State law. Buyers and sellers should confirm their responsibilities with a New York real estate attorney or title company.
Certain Buffalo real estate transactions may be exempt from New York's transfer tax. Common exemptions include transfers with consideration of $500 or less, transfers to qualifying governmental entities, certain cooperative apartment transactions, and transfers pursuant to a divorce or separation agreement. Consult a New York real estate attorney to determine whether your transaction qualifies for an exemption.