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What is the Mansion Tax in NYC? - Peter Zinkovetsky
From Avenue Law Firm – What is the Mansion Tax in NYC? dives into the intricacies of New York City's Mansion Tax, a pivotal element influencing high-value real estate transactions across the city. Initially enacted in 1989 by Governor Mario Cuomo to boost state revenue, the Mansion Tax applies specifically to residential properties valued at $1 million or more. The article thoroughly outlines the tiered tax structure introduced in 2019, illustrating how the Mansion Tax scales progressively from 1% up to 3.9%, depending on the property's sale price.
The podcast provides clarity on the specific…
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