New Mansion Tax Rates
The NYC Mansion Tax is a buyer closing cost which ranges from 1% to 3.9% of the purchase price, applicable on purchases of $1 million or more in New York City. The Mansion Tax is part of the real estate transfer tax imposed by New York State on sales or transfer of real estate.
As of 4/1/2020 these rates have dramatically changed based upon the sales value of a property. See all up to date rates below.
Mansion Tax is due on a sale of any residential property type. Its paid at closing with no exception.
NYC Mansion Tax Rates:
1% for purchases of $1,000,000 to $1,999,999
1.25% for purchase of $2,000,000 to $2,999,999
1.5% for purchase of $3,000,000 to $4,999,999
2.25% for purchase of $5,000,000 to $9,999,999
3.25% for purchase of $10,000,000 to $14,999,999
3.5% for purchase of $15,000,000 to $19,999,999
3.75% for purchase of $20,000,000 to $24,999,999
3.90% for purchase of $25,000,000 and above