Key facts
Medallion or base: which route?
A medallion lets a yellow cab pick up street hails; it is bought from an existing owner. A base dispatches pre-arranged trips through for-hire vehicles, and the TLC licenses black car, livery and luxury limousine bases separately. Starting with a base avoids the cost of a medallion.[3][4][5]
What do medallions cost in 2026?
The TLC's monthly sales charts for January to September 2026 show median prices between $115,000 and $200,000 for priced sales of unrestricted medallions, with individual sales from $50,000 to $200,000.[5]
Month by month: NYC taxi medallions.
What does a driver need?
A TLC driver license, which costs $252 for three years and covers yellow and green cabs and for-hire vehicles alike. Applicants have 90 days from applying to finish the TLC's requirements.[1][2]
What about outside New York City?
Outside the five boroughs taxi rules are set locally, so a business in Long Island, Westchester or upstate New York starts with that town or county's own requirements.
Frequently asked questions
Do I need a medallion to start a car service in NYC?
No. Pre-arranged work runs through a TLC-licensed base and for-hire vehicles; a medallion is only needed for yellow-cab street hails.
Which TLC base license do I need?
It depends on the work: black car, livery and luxury limousine bases are licensed separately; see the TLC base license.
Sources
Fees and rules change. Each source is the official page we read, with the date we read it; check it before you apply or pay.
- [1] NYC TLC: Get a TLC driver's license (read 3 Nov 2026)
- [2] NYC Business: TLC driver license (fee) (read 3 Nov 2026)
- [3] NYC TLC: Black car bases (read 3 Nov 2026)
- [4] NYC TLC: Livery bases (read 3 Nov 2026)
- [5] NYC TLC: Medallion transfers, monthly medallion sales charts January-September 2026 (read 3 Nov 2026)