NYS Mansion Tax Causes Bruce Willis To Take 42% Loss On His Home
Actor Bruce Willis Takes Massive Loss Of 42% On His Westchester Home Thanks To The NYS Mansion Tax The NYS Mansion Tax is causing havoc with the luxury housing market. It’s also causing Manhattan property values to plummet . In addition, it’s also contributing to the mass exodus of people out of New York State. What is the NYS Mansion Tax? Basically, it’s a VAT tax on any home selling for $1 million or more in New York State. Here’s how it works according to guys at Strook.com: New York State also imposes a “mansion” tax on transfers of residential real property including cooperative apartments for $1 million or more. Unlike the transfer tax, the mansion tax is the responsibility of the buyer. Prior to the adoption of the new legislation, the applicable mansion tax rate was 1% of the total consideration. The new legislation preserves this “original” mansion tax of 1% and imposes an additional “progressive” mansion tax on top of it. The tax amount...