Explained: The New York Taxes Affecting Real Estate

I know the subject isn't sexy but it is quite informative. There had been numerous tax changes recently (last year) that you need to be aware of. The Real Deal posted a good article about what the taxes are and the recent changes to them. This isn't anything new to those active in the market such as myself but the explanation behind them you might find interesting. I've included two charts below for you to have as a refresher and to keep handy for when you need it. The one thing concerning me is if they allow the pied-a-terre tax affecting those who own a second home. It would be an annual tax of up to 4%. The bill’s sponsor, state Sen. Brad Hoylman, has indicated he will again push for it.

The taxes explained by TRD are:

  • Pied-a-terre

  • Property

  • Transfer 

  • Mansion

  • Mortgage Recording

  • Millionaire's 

  • Commercial Rent

  • Capital Gains

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