Asked and AnsweredThe purchase price of my apartment is over $1,000,000.00. Is the transaction subject to the “mansion tax"?
Yes. It’s funny to call it a mansion tax now, because so many apartments that are priced at $1,000,000, are hardly mansions. That being said, if the apartment is priced at $1,000,000 or more, the buyer will have to pay a tax to New York State equal to one percent of the entire purchase price (not just the amount of $1,000,000).