New York City is known for its high taxes, and the government isn’t the only one looking to collect. Some owners of NYC condos and co-ops are also subject to what is known as a flip tax if they wish to sell their homes. This tax is not paid to the city but to the … Read more
Taxes
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Due to the high real estate prices, it’s common for those who work in New York City to live in New Jersey and commute when they have to go into the office. One of the biggest perks of living in NJ and working in NYC is the tax benefits. There are plenty of desirable suburbs … Read more
New York City is known for its high taxes. So, to offset these costs and encourage economic activity, the city also offers programs that help lower the property tax bill of developers who are willing to participate in programs to benefit the community. One of the most common is the 421a tax abatement. Here is … Read more
The NYC mansion tax is a progressive tax imposed on residential real estate transfers over a million dollars. The mansion tax ranges from 1.0% to 3.9%, resulting in higher closing costs for those buying a home within the five boroughs. But the term mansion tax can be a bit misleading because the tax does not … Read more
New York City is famous for its high taxes and even charges an additional fee for the transfer of property. This is known as the NYC Transfer Tax and applies to the transfer of all property and co-op shares valued over a certain dollar amount. This often results in higher closing costs for sellers on … Read more