08 May, 2017 posted by: CORE
If finalized, the new “Mansion Tax” will increase from 1% to 2.5%, but will apply only to homes over $2M (previously $1M). Any tax increase is met with skepticism, and in Manhattan taxes and fees are always hot topics.
From my experience, purchasers are buying new development apartments, with or without tax abatements. They want the product. They want to be the first owner who enjoys the apartment before any other owner. It is like a new car out of the showroom, they don’t want a used car.
– GREG MAYBAUM
Esq, Real Estate Closing Attorney
While the proposed tax rate is set to jump 150%, New York is still one of the least taxed super-cities on earth. With comparative rates as much as 5.6 times higher, NYC should remain the world’s most attractive city for luxury real state investment.
Based on 1M property purchase – Domestic Buyers; Source: JLL
IS THIS REALLY A “MANSION” TAX OR A “FLAT” TAX IN DISGUISE?
The average apartment costs $2M in Manhattan. For this reason, some claim this is a blanket tax on almost all flats. This could hold down values of sub $2M dwellings, and spur more rental inventory. It may also elevate consumer expectations for true luxury living, particularly on elite listings.
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27 April, 2017 posted by: CORE
Tax Day may be behind us, but next month’s Quoin sets out to explore the in’s and out’s of New York City real estate tax. Look out for the reveal of the Manhattan condo currently on the market with the highest monthly tax. Subscribe below to receive the next issue of Quoin, out Monday!
19 November, 2010 posted by: Shaun Osher
All too often, buyers look at the “wrong” things when they look for a new home.
Important things, but “wrong” things.
Things they think are game changers, or life changers, often are not. (And vice versa)
Ask yourself: “What are the things that will change my life and my lifestyle for the better?”
Take a look into your crystal ball that shows the better life of your future.
What do you see?
The things you might see, are probably unaffected by the almighty important parameters you have given yourself.
The list of all-things-important-but-wrong will probably include:
– Real estate taxes
– Common charges
– Mortgage rates
– A fly by night amenity
The list of all-things-important-but-often-ignored will probably be:
– Closet space
– The closest food store
– Favorite restaurant
– Commute time
– Your community
It is important to visualize your new life in this new home and try to see exactly what it will mean.