What makes Kings County different from the rest of New York
NYC buyers pay the mortgage recording tax (1.8% of loans under $500K, 1.925% at/above, minus a 0.3% lender credit) and the 1% mansion tax at $1M+. State/city transfer taxes are seller-paid. The county's average effective property-tax rate of 0.85% sets your escrow prepaids: at the $950,000 county median that's roughly $8,075 a year, about $4,038 collected at the closing table.
Co-op vs condo changes everything
Buy a Brooklyn co-op and you skip both title insurance and the mortgage recording tax — but you add board application, move-in deposit and flip-tax exposure. Buy a condo and the mortgage recording tax alone is roughly $12,000 on a $760K loan. The building type, not the price, drives your closing stack.
Cutting your Brooklyn closing costs
Three moves that work in Kings County: (1) collect Loan Estimates from three lenders on the same day — origination, points and lender credits swing by thousands; (2) negotiate seller concessions (3% conventional under 10% down, 6% above, 6% FHA/VA) and take them as a closing credit rather than a price cut; (3) close in the last week of the month to shrink prepaid interest from roughly 30 days to two. Where a transfer or recordation tax is customarily split, that split is a contract term, not a law — ask.
FAQ
How much are closing costs in Kings County, New York?
Plan on roughly $23,750–$42,750 of buyer closing costs at the $950,000 Kings County median, on top of your down payment. NYC buyers pay the mortgage recording tax (1.8% of loans under $500K, 1.925% at/above, minus a 0.3% lender credit) and the 1% mansion tax at $1M+. State/city transfer taxes are seller-paid.
Does the buyer pay transfer tax in Kings County?
Yes — buyers here typically carry about 1.00% of the purchase price in transfer, recordation or mortgage tax. NYC buyers pay the mortgage recording tax (1.8% of loans under $500K, 1.925% at/above, minus a 0.3% lender credit) and the 1% mansion tax at $1M+. State/city transfer taxes are seller-paid.
What are property taxes in Kings County?
The county's average effective rate is about 0.85% of market value, so a $950,000 home runs roughly $8,075 a year. Individual parcels vary by municipality, school district and special assessments — check the parcel's actual bill, not the county average.
How much cash do I need to buy a house in Brooklyn?
Down payment + closing costs + reserves. At the Kings County median with 10% down, that's about $128,250 before reserves. Run your own price and rate above for the exact stack.
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