There are a number of taxes you might have to pay when you sell your property in New York. Sellers normally cover the real estate transfer tax, which is $2 for every $500 in value — and higher if your property sells for more than $1 million, triggering the state’s "mansion tax." If you have outstanding property taxes, be prepared to pay for those at closing as well. Additionally, if you are selling a co-op in New York City, you might be required to pay what’s commonly called a "flip tax." It’s not really a government tax, though; the fee goes to the corporation.