Mansion Tax (Tax Law § 1402-a)

NY Tax Law Article 31, § 1402-a (Additional Tax / "Mansion Tax")

New York Tax Law § 1402-a imposes an additional state real estate transfer tax of 1% on each conveyance of residential real property where the consideration for the entire conveyance is $1,000,000 or more, applied to the consideration attributable to the residential property. The tax is paid by the grantee; if the grantee fails to pay timely or is exempt, the grantor must pay, and in that case the tax is the joint and several liability of grantor and grantee. Residential real property includes any premises usable in whole or part as a personal residence, including one-, two-, and three-family houses, individual condominium units, and cooperative apartment units. (Note: for NYC and other cities of 1M+ population, a separate progressive supplemental mansion tax applies above $2M under Tax Law § 1402-b, which is not part of § 1402-a.)