If you’re lucky enough to own a mansion in New York State, we have some good news and some bad news for you.
First, the good news: You own a mansion! That must feel great. Congratulations!
Now the bad news: New York State is increasing both the transfer tax and the mansion tax when these multi-million dollar properties are being sold.
Now more good news: Currently, these tax increases are only taking place in cities where the population exceeds one million people. In other words, it’s only impacting the five boroughs of New York City. In case you’re wondering, the population of cities like Buffalo, Rochester and Syracuse are all well under 300,000.
Now more bad news: That could always change to include more cities with smaller populations. The state is in debt and needs more revenue streams.
Our advice: Enjoy your mansion. But if you’re thinking of selling, please give The Olear Team a call today!