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NY Homebuyers Rush To Close Contracts Before Mansion Tax Hike Kicks In

Billionaires' Row in New York City
Billionaires' Row in New York City Photo Credit: Wikipedia

Home buyers 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. But real estate experts, among others, remain skeptical.

Real estate agents have reported numerous closings in recent weeks -- expedited to beat the deadline, which is actually Friday, June 28 -- the last business day before July 1.

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