NYC Property Taxes

Your guide to the NYC real estate market

NYC Mansion Tax Guide

The NYC mansion tax was traditionally a flat 1 percent 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.

2021 NYC Transfer Tax Guide

How much is the NY State and NYC Transfer Tax, who pays it, and how can you save money on these taxes and other closing costs? Read on to find out.

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.

Flip Tax in NYC

NYC flip taxes, also known as transfer fees, were first implemented in the 1970s and 1980s as a way to generate capital for co-op buildings so that they could invest in major capital improvements without increasing maintenance fees for their shareholders (something no shareholder enjoys). Today, a the flip tax still generates substantial incomes for buildings, as well as discouraging buyers & investors from buying and selling co-op apartments with the intentions of making a quick profit, especially with HDFC apartments.

A Guide to the NYC 421-a Tax Abatement

While searching for a co-op or condo in New York City, you may have come across listings that include what is called a 421-a tax abatement. This tax exemption was originally put in place to encourage property developers to build new residential real estate in NYC. In recent years however the 421-a tax abatement has been revived with a focus on affordable housing.