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Tag: Mansion Tax

December 13th, 2010 — 6:29pm

Mansion Tax: This is the common name for a 1 percent tax on the buyer purchasing a co-op or condominium for more than $999,999.00. So, if the price is $1,000,000.00, the buyer has to pay an extra $10,000.00. (1% of the purchase price) to NYS.

New York State publication 577 provides some further insight on this tax.

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