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New York State Increases Transfer Taxes

Yes, it's true. New York State has instituted increases to the New York State Transfer Tax as well as the "Mansion Tax." First, let's remember that these increases are a much-needed revenue-raising mechanism for the Metropolitan Transportation Authority. Second, legislators originally considered a pied-a-terre tax, which would have affected anyone who owns an apartment in New York City but has their primary residence somewhere else. Fortunately, they decided against that and the real estate industry was pleased; because we don't want to discourage people from buying second homes in NYC.

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.