The New Mansion Tax for NYC


This act shall take effect July 1, 2019, and shall apply to conveyances occurring on or after such date other than conveyances which are made pursuant to binding written contracts entered into on or before April 1, 2019, provided that the date of execution of such contract is confirmed by independent evidence, such as the recording of the contract, payment of a deposit or other facts and circumstances as determined by the commissioner of taxation and finance.

The following only applies to NYC

Current NYS Transfer Tax:

• .4% of the transaction

New NYS Transfer Tax:

• .4% of the transaction of $2M or less

• .65% for transactions greater than $2M

Old Mansion Tax rate:

• Over $1M is 1%

New Mansion Tax rates:

• Over $1M is 1%

• From $2M to less than $3M is 1.25%

• From $3M to less than $5M is 1.5%

• From $5M to less than $10M is 2.25%

• From $10M to less than $15M is 3.25%

• From $15M to less than $20M is 3.5%

• From 20M to less than $25M is 3.75%

• From $25M or more is 3.9%

#tax #Realestate #realestate #mansiontax #mansion #transfertax

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