New York City home buyers are rushing to close before the July 1st 'mansion tax' hike
Prospective home buyers in New York are scurrying to close contracts by the end of the month to avoid paying the city’s updated “mansion tax,” which will increase as of July 1.
The tax, which previously took 1% from sales of $1 million or more, will now rise incrementally from 1.25% for $2 million to 3.9% for $25 million and above. Though the city government assured that revenue, a projected $365 million per year, will be funneled into its ailing subway system, the revision has been met with backlash from real estate professionals and other affected parties.
Regardless, the tax hike is coming, and buyers are trying to dodge it if possible, New York City real estate experts said. The trend was a hot topic of conversation at this week’s meeting for the New York Residential Agent Continuum , an industry association, noted Leonard Steinberg, an agent and chief evangelist with.
The tax hasn’t drawn a crowd of buyers to the market who wouldn’t otherwise be interested, he clarified."It isn’t a mad rush, but it did give people who are already in the market a sense of urgency,” Steinberg said, adding that it behooves those who are in the buying process to hurry—or in his words, “Run."
The urgency contradicts recent market findings, which showed that the city’s sales market is slowing this year, with
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