July 1st the New York State Department of Taxation and Finance will be imposing an increase in the state real estate transfer tax and mansion tax in New York City!
The NYS transfer tax increase will affect residential property sales above $3MM and all other property types sales above $2MM. the increase will be $2.50 per $1,000 for a total of $6.50 per $1,000.
The New York City mansion tax (residential properties only) will remain 1% of the sales price up to $2MM, with a sliding scale of tax increase for sales above $2MM. The additional tax will begin at .25% (1.25% of sales price) for sales between $2MM and $3MM, all the way up to an additional 2.90% (3.90% of sales price) for sales above $25MM.