IncSmart New York (Small Business and Startups) -
New York Mansion Tax gets moved along with the State Senate Democrats while looking around for more income to overhaul a crumbling mass transit system. The new law imposes the bill on buyers but with the real estate sluggish in New York, it will more than likely be paid for by the sellers. Luxury homes are down 25% and the inventory is growing.
The Real Estate industry is apposed to this new tax. It will slow the high end market which is already slowing. $1 million to $3 million a 1% tax 3 million to $6 million 1.5% tax, $6 million to $12 million a 2.5% tax, $12 million to $25 million a 3.5% tax and anything above $25 million a 3.9% tax. In addition to the Mansion Tax, a State Transfer Tax will increase from .4% to .65%. The New York Transfer Tax is paid on all transfers of real estate. The tax is owed by the seller.
By IncSmart Staff Writer
Starting a Business in New York
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