The phrase refers to a tool, typically found online, designed to estimate the various taxes levied by New York State when a residential property is sold. These taxes can include state transfer tax, and potentially capital gains tax, depending on the seller’s circumstances and the profit realized from the sale. These tools assist individuals in understanding the financial implications associated with selling real estate within the state.
Such resources offer significant benefits by providing sellers with a clearer picture of their potential tax obligations. This foresight allows for more accurate financial planning and budgeting during the selling process. Historically, calculating these taxes required manual calculations and a thorough understanding of New York’s tax code, making the process complex and time-consuming. These estimating tools simplify and expedite this process.