Instead of introducing an annual pied-à-terre tax, a measure dreaded by much of the city’s real estate industry, the state’s 2019-2020 budget includes an expansion of the “mansion tax,” a one-time levy on residential sales, along with a heftier transfer tax. The “mansion tax” ranges from .25 to 2.9 percent, in addition to the existing 1 percent tax that is already collected on residential properties sold for $1 million or more. The budget also included […]
source https://therealdeal.com/2019/04/02/this-calculator-shows-how-the-new-mansion-transfer-taxes-work/
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