Real Estate Blog - August 2024

The NYC mansion tax is a real estate transfer tax on homes sold for over $1 million in New York City. It’s important for homebuyers in 2024 to know about this tax. It helps with budgeting and making smart choices.

Key Takeaways:

• The mansion tax applies to residential properties sold for $1 million or more in NYC
• Rates range from 1% to 3.9%, depending on the purchase price
• The buyer is responsible for paying the mansion tax at closing

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