New York City’s Mansion Tax
If you’re buying a home for $1 million or more in the Big Apple, your purchase is subject to the New York City mansion tax. It’s a mere 1% of your purchase price, but it ends up being no small tax. And you’ll end up paying it within 15 days of your closing.
Sellers don’t get away scot-free, either. If you’re the home seller, you pay fees as well as a New York State or New York City transfer tax.