"For deals worth $5 million to $10 million: 3.675 percent $10 million to $15 million: 4.675 percent $15 million to $20 million: 4.925 percent $20 million to $25 million: 5.175 percent More than $25 million: 5.323 percent. These are the new rates on the table from Democrats in the New York state Senate and Assembly."
"When you look at the bill language, the transfer tax rates for deals less than $5 million appear under the New York City mansion tax heading alongside the pricier deals, but those are actually just the existing rates that are already law. Reps from the state legislature, as well as the Fiscal Policy Institute and Citizens Budget Commission, confirmed that these rates were not new nor increased."
"As the law stands, the transfer tax for residential properties sold for $500,000 or less is 1 percent. Those that trade for more than $500,000 are taxed at 1.425 percent of the property's sales price. Supplemental taxes, which were added in 2019, kick in for deals that are $2 million or more."
New York state Democrats released budget proposals featuring increased transfer taxes on high-value residential properties starting at $5 million. The proposed tiered rates range from 3.675% for properties valued between $5-10 million to 5.325% for those exceeding $25 million. Misinformation circulated on social media claiming the mansion tax applies to $500,000 sales, but existing rates for properties under $5 million remain unchanged at 1% for sales up to $500,000 and 1.425% above that threshold. Supplemental taxes implemented in 2019 apply to deals of $2 million or more. Meanwhile, Los Angeles approved forming a committee to study potential reforms to Measure ULA, a property sales tax on transactions above $5.3 million approved by voters in 2022.
Read at therealdeal.com
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