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Mansion Tax

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NY Homebuyers Rush To Close Contracts Before Mansion Tax Hike Kicks In NY Homebuyers Rush To Close Contracts Before Mansion Tax Hike Kicks In
NY Homebuyers Rush To Close Contracts Before Mansion Tax Hike Kicks In Homebuyers in New York are rushing to close contracts by the end of this month to avoid paying the city’s updated “mansion tax,” which increases starting July 1. The mortgage closing tax previously took 1 percent from sales of $1 million or more. The tax will now rise incrementally from 1.25 percent for $2 million to $2.99 million, 1.5 percent for $3 million to $4.99 million, ultimately up to 3.9 percent for mansions selling for $25 million and above.  City government has promised that the new revenue -- projected as $365 million annually -- will be used to improve the aging subways. …

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by Jon Craig