NYC Property Taxes

Your guide to the NYC real estate market

NYC Mansion Tax Guide

The NYC mansion tax was traditionally a flat 1% tax that applied to all homes sold for $1 million or more, but on July 1, 2019, New York State lawmakers implemented a new, progressive tax rate. NYC properties selling for $1 to $2 million will still be levied a 1% mansion tax, while rates will rise for properties sold for prices of $2 million or above, starting at 1.25 percent and reaching a maximum of 3.9 percent for properties selling for $25 million or more.

Flip Tax in NYC

The average co-op flip tax in NYC is between 1% to 3% of an apartment's sale price, but the exact amount varies by building. HDFC buildings can have much higher flip taxes, and even some condos have them as well.

What is a 421-a Tax Abatement in NYC?

In NYC, 421-a tax abatements were introduced in 1971 and were implemented to encourage developers to develop unused and underutilized land by offering them reduced property taxes for a set amount of time, typically between 10-25 years. Usually, the tax break goes with the property, as long as the project continues to qualify. 

NYC Transfer Tax Guide

If you sell real property in New York City you'll have to pay local and state transfer taxes. The NYC transfer tax rate is between 1% and 1.425% depending on the sale price. In addition to what you'll owe the city, you'll also have to pay the New York state transfer tax, which is either 0.4% or 0.65% depending on the price of the property.

A look at the Byzantine NYC Property Tax System

It’s no secret that people who purchase property are often concerned with the and amount of property tax payments they will have to make, and NYC owners are no exception. We're taking a look at how rates are assessed and why some uber-luxury condos and co-ops receive tax bills that seem far too low.