The NYC Mansion Tax is a buyer closing cost that 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 the sales or transfer of real estate.
As of 4/1/2020, these rates have dramatically changed based on the sales value of a property. See all up-to-date rates below.
Mansion Tax is due on the sale of any residential property type. It's paid at closing with no exception.
NYC Mansion Tax Rates:
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1% for purchases of $1,000,000 to $1,999,999
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1.25% for purchases of $2,000,000 to $2,999,999
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1.5% for purchases of $3,000,000 to $4,999,999
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2.25% for purchases of $5,000,000 to $9,999,999
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3.25% for purchases of $10,000,000 to $14,999,999
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3.5% for purchases of $15,000,000 to $19,999,999
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3.75% for purchases of $20,000,000 to $24,999,999
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3.90% for purchases of $25,000,000 and above
