What Are the New Mansion Tax Rates in NYC as of 2019: https://www.hauseit.com/nyc-mansion-tax/ <br /> <br />Calculate Your Buyer Closing Costs: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/ <br /> <br />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. <br /> <br />The highest Mansion Tax rate of 3.9% applies to purchases of residential property valued at $25 million or more. <br /> <br />You can estimate your Mansion Tax bill in NYC by using Hauseit’s Interactive Mansion Tax calculator available at www.hauseit.com. <br /> <br />The Mansion Tax in NYC was originally imposed in 1989 as a fixed 1% Transfer Tax on purchases of $1 million or more. <br /> <br />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. <br /> <br />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. <br /> <br />How Much Is the Updated New York City Mansion Tax? <br /> <br />The revised Mansion Tax in NYC has 8 brackets which are as follows: <br /> <br />? 1% for sales from $1 million to less than $2 million <br />? 1.25% for sales from $2 million to less than $3 million <br />? 1.5% for sales from $3 million to less than $5 million <br />? 2.25% for sales from $5 million to less than $10 million <br />? 3.25% for sales from $10 million to less than $15 million <br />? 3.5% for sales from $15 million to less than $20 million <br />? 3.75% for sales from $20 million to less than $25 million <br />? 3.9% for sales from $25 million or more <br /> <br />How Can I Avoid Paying the Mansion Tax in New York City? <br /> <br />The easiest way to avoid the Mansion Tax when buying a property in NYC is to request a Hauseit Buyer Closing Credit. <br /> <br />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. <br /> <br />Does the New York State Mansion Tax Apply to Furniture and Personal Possessions? <br /> <br />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 <br /> <br />Save Money with a Hauseit Buyer Closing Credit: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/ <br /> <br />#hauseit #hauseitnyc <br />https://www.hauseit.com
