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What Is the Mansion Tax in New York City? - Natalia A. Sishodia
From Sishodia PLLC – What Is the Mansion Tax in New York City? examines the evolving landscape of real estate taxation in one of the world's most dynamic property markets. This episode delves into the origins and current structure of the mansion tax, a levy that has become a significant consideration for buyers in New York City.
Introduced in 1989 under Governor Mario Cuomo, the mansion tax was initially a 1% surcharge on residential property purchases exceeding $1 million. At the time, this threshold targeted luxury estates, but with today's market dynamics, even modest apartments can…
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