Mansion Tax

Mansion Tax is a real estate transfer tax. In New York City residential property purchases of $1 million or more will be imposed onto the buyer’s closing cost. The buyer is responsible for paying the mansion tax within 15 days of closing. Mansion Tax covers all residential properties in NYC, including condos, co-ops, townhouses, and mixed-use properties with residential components.

Tax laws are always changing please advise with your financial advisor, enrolled agent, or CPA. This is not advise in any form.