What Are the New Mansion Tax Rates in NYC as of 2019: https://www.hauseit.com/nyc-mansion-tax/
Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
The New York City Mansion Tax is a progressive buyer closing cost which ranges from 1% to 3.9% of the purchase price on sales valued at $1 million or more. The Mansion Tax itself consists of 8 individual tax brackets, with the lowest rate of 1% applying to purchases at or above $1 million and less than $2 million.
The highest Mansion Tax rate of 3.9% applies to purchases of residential property valued at $25 million or more.
You can estimate your Mansion Tax bill in NYC by using Hauseit’s Interactive Mansion Tax calculator available at www.hauseit.com.
The Mansion Tax in NYC was originally imposed in 1989 as a fixed 1% Transfer Tax on purchases of $1 million or more.
Although the tax was never adjusted for inflation since then, the Mansion Tax itself was overhauled in April 2020 as part of the 2020 New York State Budget.
While the Mansion Tax is technically an additional NYS Transfer Tax, it’s usually discussed separately from NYC & NYS Transfer Taxes. This is because buyers customarily pay the Mansion Tax, while sellers typically pay the standard NYC & NYS Transfer Taxes.
How Much Is the Updated New York City Mansion Tax?
The revised Mansion Tax in NYC has 8 brackets which are as follows:
? 1% for sales from $1 million to less than $2 million
? 1.25% for sales from $2 million to less than $3 million
? 1.5% for sales from $3 million to less than $5 million
? 2.25% for sales from $5 million to less than $10 million
? 3.25% for sales from $10 million to less than $15 million
? 3.5% for sales from $15 million to less than $20 million
? 3.75% for sales from $20 million to less than $25 million
? 3.9% for sales from $25 million or more
How Can I Avoid Paying the Mansion Tax in New York City?
The easiest way to avoid the Mansion Tax when buying a property in NYC is to request a Hauseit Buyer Closing Credit.
The typical buyer agent closing gift on a purchase in NYC can save you $20,000 or more on your purchase, which can offset some or all of your Mansion Tax bill.
Does the New York State Mansion Tax Apply to Furniture and Personal Possessions?
Looking to buy a home in New York City? Learn how you can offset some or all of your Mansion Tax bill as a buyer by clicking on the Buyer Closing Credit link at www.hauseit.com
Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/
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