So while the dreaded pied-a-terre tax was avoided in Albany, lawmakers did pass a progressive Mansion Tax and a two-tiered Transfer Tax. Previously a flat 1% for all homes priced above $1m, The Mansion Tax now starts at 1% and works its way up to 3.9% for homes over $25mm. Click on the images below for a more comprehensive look at closing costs for Condos, Townhouses, multi-family dwellings up to 3 units and COOPs in NYC:
Here is a quick guide to the new (2019) Mansion and Transfer tax rates:
| Purchase Price: | Transfer Tax: | Mansion Tax: | Total: |
| below $1mm | 0.40% | 0.00% | 0.40% |
| 1mm – 1.99mm | 0.40% | 1.00% | 1.40% |
| 2mm – 2.99mm | 0.40% | 1.25% | 1.65% |
| 3mm – 4.99mm | 0.65% | 1.50% | 2.15% |
| 5mm – 9.99mm | 0.65% | 2.25% | 2.90% |
| 10mm – 14.99mm | 0.65% | 3.25% | 3.90% |
| 15mm – 19.99mm | 0.65% | 3.50% | 4.15% |
| 20mm – 24.99mm | 0.65% | 3.75% | 4.40% |
| 25mm+ | 0.65% | 3.90% | 4.55% |
