Increased NY mansion tax and transfer tax for higher-priced properties

Here is a quick reference table of what I understand the new mansion and transfer taxes to be in NY State & NYC. The quick take is that everything over $2M is subject to a new increased total tax while everything under was left unchanged to my knowledge. This tax is effective immediately, although any contracts signed before April 1st are not subject to the new taxes, and any deals that close before July 1st, 2019 are also not affected. This affects residential properties, which are basically apartments and 1-3 family buildings. DISCLAIMER: I encourage everyone to refer to government sources to verify the accuracy of this information before making any decisions based on it.

 

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