What is NYC’s
Mansion Tax? https://www.hauseit.com/nyc-mansion-tax/
The New York City mansion tax is one of the largest closing costs for
home buyers in NYC. Fortunately, you can avoid paying the mansion tax by requesting
a New York City buyer agent commission rebate on your purchase.
What are NYC
Buyer Closing Costs? https://www.hauseit.com/closing-costs-nyc/
What is the NYC mansion tax?
tax is a 1% tax on the purchase price of residential real property valued above
$1 million in New York City. It’s customarily paid by the buyer.
The New York
City mansion tax was enacted in 1989, and it has never been adjusted for
inflation. With this in mind, it’s easy to understand why the mansion tax is
one of the most controversial taxes in New York.
How can I avoid paying the
mansion tax in New York City?
way to avoid the mansion tax when buying a property in NYC is to request a
buyer broker commission rebate. The typical buyer agent commission rebate
in NYC can save you $20,000 or more on your purchase. These savings can fully offset
your mansion tax bill.
NYC Buyer Agent Commission Rebate: https://www.hauseit.com/nyc-broker-commission-rebate/
commission rebates work in New York City because sellers usually agree to pay
the same total commission regardless of whether you as the buyer are working
with a buyer’s agent.
By representing you on the purchase, a
buyer’s agent collects half of the total 6% average NYC real estate
commission which would otherwise go to the listing agent. Your buyer’s
agent is then able to offer you an automatic discount on the purchase by
sharing a portion of this commission with you in the form of a cash rebate at
How Do I Get a Buyer Agent Commission Rebate
in NYC? https://www.hauseit.com/how-do-i-get-a-buyer-agent-rebate-in-nyc/
Does the mansion tax apply to the
purchase of new construction?
If you as
the buyer agree to pay some or all of the city and state transfer taxes,
sponsor legal fees and broker commission on the deal, then these expenses will
be added to your purchase price for the purposes of calculating the mansion tax
NYC Mansion Tax FAQ: https://www.hauseit.com/nyc-mansion-tax/