Transferring a $10 million house costs $532,500 in tax in New York City and $70,000 in Florida. That is a factor of 7.6, on the same price, for the same act. New York charges 5.33 percent through five separate taxes levied by two governments. Florida charges 0.70 percent through one, at a rate that has no thresholds in it at all.
How this was computed
New York’s rates come from New York City’s Department of Finance, the New York State Department of Taxation and Finance and Form TP-584-NYC-I. Florida’s documentary stamp tax comes from the Florida Department of Revenue, which cites sections 201.02(1)(a) and 201.031 of the Florida Statutes. All were read on 9 August 2026. Both totals combine every transfer tax on the deed regardless of which side of the transaction the statute assigns it to, because a comparison that counted only the buyer’s share in one state and both shares in the other would be worthless.
Not one of these is a top-slice tax, and that single structural fact produces everything odd in the numbers below. British income tax and American federal income tax both work in slices: a higher rate applies only to the part of the amount above the threshold. Every New York transfer tax here applies its rate to the entire consideration instead. Crossing a threshold therefore re-prices the whole sale rather than the part above the line.
The same price, in both states
| Sale price | New York City | Effective rate | Florida | Effective rate | Multiple |
|---|---|---|---|---|---|
| $1,000,000 | $28,250 | 2.83% | $7,000 | 0.70% | 4.0x |
| $2,000,000 | $61,500 | 3.08% | $14,000 | 0.70% | 4.4x |
| $3,000,000 | $107,250 | 3.57% | $21,000 | 0.70% | 5.1x |
| $5,000,000 | $216,250 | 4.32% | $35,000 | 0.70% | 6.2x |
| $10,000,000 | $532,500 | 5.33% | $70,000 | 0.70% | 7.6x |
| $15,000,000 | $836,250 | 5.58% | $105,000 | 0.70% | 8.0x |
| $20,000,000 | $1,165,000 | 5.83% | $140,000 | 0.70% | 8.3x |
| $25,000,000 | $1,493,750 | 5.97% | $175,000 | 0.70% | 8.5x |
| $50,000,000 | $2,987,500 | 5.97% | $350,000 | 0.70% | 8.5x |
Florida charges one rate and does not care what the house costs
Florida’s documentary stamp tax on a deed is 70 cents for each $100 of consideration, or part of $100, in every county except one. Nothing in that rate depends on the price: there is no threshold in it and no equivalent of a mansion tax above it, so the effective rate on a $500,000 house and on a $50 million house is the same 0.70 percent. The exception is Miami-Dade County, which charges 60 cents per $100 plus a discretionary surtax of 45 cents per $100, and the statute exempts a document transferring only a single-family dwelling from that surtax.
So the most expensive place in Florida to transfer a $10 million property is a Miami-Dade condominium or a commercial building at $105,000, and the cheapest is a Miami-Dade single-family house at $60,000, which pays less than the $70,000 charged in the other sixty-six counties. The whole range of outcomes in Florida is narrower than a single threshold crossing in New York.
The multiple grows with the price
At $1 million the New York bill is $28,250 against $7,000 in Florida, a multiple of 4.0. At $25 million the New York bill is $1,493,750 against $175,000 in Florida, a multiple of 8.5. The gap widens because one of the two systems has rates that rise with price and the other does not. Nothing in the Florida schedule changes between those two sales except the number the rate is multiplied by.
What this comparison is not
This comparison covers one tax, charged once, at the moment of transfer. It says nothing about the annual cost of holding either property, and that is where the larger money usually sits: Florida has no state income tax and New York does, while Florida property insurance on a coastal house has been rising for years. Somebody choosing between these two states on the strength of a transfer tax alone would be optimizing the smallest recurring line in the decision.
It is also a comparison of statutory incidence rather than of who ends up paying. New York assigns $207,500 of the $10 million bill to the seller and $325,000 to the buyer, and contracts move those around routinely. Florida law makes all parties to the document liable for the documentary stamp tax regardless of who agreed to pay it. Neither state’s split survives contact with a negotiated contract, which is why the totals above are what this piece compares. The same question asked of Britain is in British stamp duty on a 10 million pound house, and the standing reference for American property prices on this desk is what an American house costs.
This piece is part of our property reference, What an American House Costs: Zillow’s Own Index, by Metro, County and Tier, which sets out the method and collects every figure we have published on the subject. Also in it: Nine of the Ten Most Expensive Counties in America Are Resort Towns. Manhattan Is Ninth., No US Resort County in the National Top 20 Lost Value. Eleven Below It Did., The Top Third of US Housing Lagged the Bottom in 65% of Metros. In the Biggest 25, It Led., New York City Has Nine Property Transfer Tax Thresholds. Crossing the $10 Million One Costs $100,000..
Sources
New York rates were read on 9 August 2026 from the New York City Department of Finance transfer tax page, the New York State Department of Taxation and Finance real estate transfer tax page, and Form TP-584-NYC-I revision 8/25 for the supplemental schedule. Florida rates were read the same day from the Florida Department of Revenue documentary stamp tax page, which cites sections 201.02(1)(a) and 201.031 of the Florida Statutes for the 70 cent rate, the 60 cent Miami-Dade rate and the 45 cent surtax.
Every figure above that is not one of those published rates is our own arithmetic on them, computed with the rounding the statutes specify. This publication holds no property in either state, takes no commission on any transaction and is not offering tax advice. A closing statement in either state will include title, recording and mortgage charges that are outside the scope of this comparison entirely.
Frequently asked questions
Is it cheaper to buy a house in Florida than in New York?
On transfer tax alone, substantially. A $10 million sale carries $70,000 of Florida documentary stamp tax against $532,500 of combined New York City and New York State transfer taxes, a factor of 7.6, computed on 9 August 2026 from both states’ published rates. That is one charge at one moment and it is not the whole cost of either house.
What is the documentary stamp tax rate in Florida?
70 cents for each $100 of consideration, or part of $100, in every Florida county except Miami-Dade, which charges 60 cents per $100 plus a 45 cent discretionary surtax that does not apply to a document transferring only a single-family dwelling. The rates are published by the Florida Department of Revenue under sections 201.02(1)(a) and 201.031 of the Florida Statutes, read on 9 August 2026. On a $10 million sale that is $70,000 outside Miami-Dade.
Does Florida have a mansion tax?
No. Florida’s documentary stamp tax has a single rate with no thresholds in it, so the effective rate on a $500,000 house and on a $50 million house is the same 0.70 percent. New York has both a 1 percent mansion tax at $1 million and a supplemental tax reaching 2.9 percent at $25 million, each charged on the entire price.
How much tax do you pay when you sell a house in New York City?
By statute the seller pays the New York State base tax of $2 per $500 and the New York City Real Property Transfer Tax of 1.425 percent above $500,000, plus an additional base tax of $1.25 per $500 on a residential sale at $3 million or more. On a $10 million apartment that is $207,500, with a further $325,000 falling on the buyer under the mansion tax and the supplemental tax, for a combined $532,500. On a $5 million sale the seller’s share is $103,750 and on a $25 million sale it is $518,750. Selling the same $10 million property in Florida would carry $70,000 of documentary stamp tax in total, and Florida law makes every party to the document liable for it rather than assigning it to one side. All rates were read from the two states’ published schedules on 9 August 2026.