Mansion Tax (Additional NYS Transfer Tax)
NYS imposes an additional tax commonly called the "mansion tax" on conveyances of residential real property or interests therein where consideration is $1 million or more, with the additional tax described as 1% in NYS Tax Department guidance. Tax Department publications and bulletins describe it as imposed by Tax Law §1402-a and commonly imposed on the grantee (with certain exceptions).
- Where it applies
- New York State
- When it comes up
- Closing tax computation and filing
- Property types
- Residential (including condos and co-op units)
Read more in the Knowledge Base
- The Mansion Tax - Tier-by-Tier Impact for NYC Home BuyersBuyers
- Mansion Tax Tier EngineeringSellers
- Structuring the Down Payment and Capital Stack for NYC Home BuyersBuyers
- Transfer Tax Variations by County and Municipality in New YorkSellers
- Entity Selection - LLC vs. Personal Ownership for NYC PropertyBuyers
Closing Process
- Closing (Settlement)
- Closing Disclosure (CD)
- Contract Deposit (Earnest Money) Escrow
- Escrow
- Escrow Agent
- Estoppel Certificate
- Holdback Escrow
- Loan Estimate (LE)
- Mortgage Recording Tax (NYC)
- NYC Real Property Transfer Tax (RPTT)
General information, not legal, tax or financial advice.