New York State Increases Transfer Taxes
SUBMITTED BY Stacey Max on August 27, 2019
While the New York State Transfer Tax applies to all sellers of real estate and cooperative apartments in New York State, the increases recently instituted only apply to transfers within New York City (or any other cities within New York State with populations of 1 million or more). The Additional New York State Transfer Tax, which is known as the "Mansion Tax," applies to purchasers of real estate and cooperative apartments with a sale price of $1 million or more, on a sliding scale.
I can't wait to see what the MTA does with the money to make our lives better!
Please use Highline Residential's CLOSING COST CALCULATOR to easily estimate what your closing costs will be on your transaction! See you at the closing!
Posted by Highline Residential's Sales Manager, Stacey Max. Find Stacey on Facebook.