can someone help explain what the mansion tax is and its cost. I just started looking for houses with some friends and our limit was 1M

Thanks,!

Posted by: justpassing at November 11, 2009 9:58 AM in response to Mansion Tax

i went to see this. I will be surprised if they sell at all in this market. They have all these windows and look out on a basketball court and a vacant lot. nothing to make one want to live there at all. The balconies overlook the basketball courts and they have huge airconditioning systems sit on them that are probably noisy as well.

Posted by: justpassing at November 4, 2009 12:03 PM in response to Price Cuts at 272 St. Marks Avenue

just to clarify the goal would be for both couples to use it as their primary residence, not to use it for any investment. Thanks

Posted by: justpassing at November 3, 2009 11:28 AM in response to Buying a Multifamily House

and that should be How to buy a multifamily house? .. :)

Posted by: justpassing at November 3, 2009 8:05 AM in response to Buying a Multifamily House

I live in the heights, and have recently been using Carlos to do many things, from painting, tiling and some basic elec. he and another guy have worked. He is based in the heights as he has a job here. Carlos 718 208 8682. Mention victoria sent you.

Posted by: justpassing at November 2, 2009 3:34 PM in response to Looking for Fix-It Suggestions

nemo tiles in the city around 19th street, Lots in stock

Posted by: justpassing at October 28, 2009 12:10 PM in response to Tile Store?

what about if you have a contract to sell your apartment already signed, does that work? I also am in the same situation. ie I put mine on the market find a buyer who signs etc and then I find something I want..

Posted by: justpassing at October 28, 2009 10:58 AM in response to Sales Contingency?

what about if you have a contract to sell your apartment already signed, does that work? I also am in the same situation. ie I put mine on the market find a buyer who signs etc and then I find something I want..

Posted by: justpassing at October 28, 2009 10:58 AM in response to Sales Contingency?

what about if you have a contract to sell your apartment already signed, does that work? I also am in the same situation. ie I put mine on the market find a buyer who signs etc and then I find something I want..

Posted by: justpassing at October 28, 2009 10:58 AM in response to Sales Contingency?

hello all, and natalie, I also wanted to sell my apt, with FSBO, it is small but very nice one bedroom in the heights. I was wondering if there are any suggestions outside of craigs list and NYTIMES that are useful guides, thanks!

Posted by: justpassing at October 9, 2009 11:04 AM in response to FSBO Ground Rules

I was wondering about this.. and even posting with my problems with brooklyn kitchens. I ordered a specific bathtub (with very particular dimensions)from them in July, it never came never came etc. etc. It was over $800. The excuses got stranger and stranger. Finally I phoned the factory and the order had never been made! The supplier told me another place in brooklyn that supplies the make of bathtub I wanted or similar dimensions. I asked for my money back from Brian, and I told him that I had another supplier to go to where they had something I could use right away.(i was now one month with no bathtub/shower in my one bedroom apt. and going crazy going to friends and gym etc).Anyhow I made the mistake of letting him go get the bathtub from the other supplier and bring it to me, he said he would refund me the difference, over a month ago (it is some 300 dollars which for me is alot). He never did, but he gest weird, he even phoned me last friday to tell me he had returned it when I told him it was not in my credit card. He says that do I really think he ins't goint to refund, and so it goes on. I am crazy, I feel like he wears people down so you give up. But I really do need this money. I also find myself in the weird position of liking him in some ways, I guess it is his tactic

Posted by: justpassing at October 1, 2009 11:14 AM in response to Brooklyn Kitchens & Baths

"Pay the $100,000 tax for chrissake! You're gonna pay $2200 a year in property taxes instead of the amount you *should* pay...

Posted by: tybur6 at November 11, 2009 10:25 AM"

That does not even make sense. Help me please.

Posted by: crimsonson at November 11, 2009 1:13 PM in response to Mansion Tax

Sorry -- you're right... added an extra zero. So it's actually even more absurd. It's a 1% transfer tax, so it's $10,000 on a million dollar purchase. You're paying your oh so talented realtor many times that for their amazing service.

So, yes, PAY THE DAMN TAX... stop trying to game the system and protect your precious pennies. You have a million dollars in cash. The mansion tax is meant to bring revenue from the rich (example -- someone with a million dollars in cash) and support services in the city.

The property taxes for brownstones (and similar) in this fair city hover around the absurd 0.1% to 0.2% per annum. God forbid you should have to pony up $10k ONCE support the city's coffers... So effing ridiculous.

But yeah, you can buy the house for $150,000 -- then give the seller a suitcase of cash in a back alley. Then both of you can avoid paying taxes! How's that for an idea!

While your at it, register your car in Pennsylvania.

Posted by: tybur6 at November 11, 2009 1:30 PM in response to Mansion Tax

Feral- did you pay your own transfer taxes or did the seller? If you paid the transfer taxes and the price of the home was $999K you should have paid a mansion tax.
New York City and New York state transfer taxes that amount to 1.425% and $4.00 per thousand of the purchase price. At $999K your transfer taxes would amount to a bit over $18K which would make the taxable sale price over $1M.
Original poster, feel free to check with a real estate attorney to verify the correct answer.

I agree, pay the mansion tax, $10K is not the biggest sum you will have to pay during the transaction.

Posted by: PHfamily at November 11, 2009 1:50 PM in response to Mansion Tax

The poster is trying to save money.

Those who are urging the poster to pay the mansion tax are not being helpful.

That extra 10k might be the difference between being able to afford the home and not being able to afford it.

Posted by: Pigeon at November 11, 2009 1:57 PM in response to Mansion Tax

Someone buying a residence for $1mm probably would probably have more 300-400K in cash, not $1mm. That hardly qualifies as "rich" in this city, just as $1mm will not buy you a "mansion." And--are you suggesting the OP should pay $1,000,001 to enjoy the privilege of refilling our city's coffers to the tune of $10,000?

Everyone loves to tax someone else.

Posted by: woodys at November 11, 2009 1:57 PM in response to Mansion Tax

Transfer taxes are the responsibility of the seller. If the parties agree that the buyer will reimburse the seller for the transfer tax, then this reimbursement is part of the "consideration" paid to the seller and on which the buyer's mansion tax is calculated. But in the ordinary case where the seller pays the transfer tax, the mansion tax is calculated on the purchase price alone.

Posted by: NorthHeights at November 11, 2009 2:32 PM in response to Mansion Tax

The Mansion tax figure is outdated. One million does not buy you anything close to a Mansion in NYC anymore There has always been talk of the threshold being raised but with those fools in Albany I wouldn't bet on it.

Posted by: Crownlfc at November 11, 2009 2:45 PM in response to Mansion Tax

t6, really. Why are you equating illegal behavior (PA car) with simply attempting to minimize one's tax burden, which behavior has been upheld by the courts as legal and expected for a hundred years.

Meanwhile the OP may be confused but that Corcoran link is useful. The tax is 1% of the ENTIRE sale when it is over $1 million. Closing costs are meaningless.

A million bucks isn't what it used to be, t6. Buy a house and shop sounding like a bitter renter.

(OP, don't forget to take the federal homebuyer's tax credit if your income allows, and let us know. Just so T6 can bitch about that too).

Posted by: denton at November 11, 2009 3:08 PM in response to Mansion Tax

A million bucks is a MILLION BUCKS!

I would argue that the transfer tax should be LOWER, not higher. You have enough money to pay a million dollars for a house (and the tax code has decided your property tax is going to be woefully inadequate for the purposes of supporting the city's services), there should be no problem paying a 1% transfer tax!

I'm not a bitter renter... If I were an owner, I would be equally as disgusted with the whining here. Oh, Woe Is Me! I might be liable for paying $10,000 on top of the ONE MILLION DOLLARS I just paid someone in cash. They already are bleeding me dry... I have to pay the tax man $3500 EVERY YEAR for this house! How dare they!

Cry me a river... jaysus.

Oh yeah, take the advice above. Make sure you involve your attorney and ask him lots and lots of questions. They have mansion taxes to pay too, ya know!

Posted by: tybur6 at November 11, 2009 3:33 PM in response to Mansion Tax

tax is obscene and doesn't exist most places (i don't know that exists anywhere else). if you are buying a new condo and are paying the transfer taxes yourself, then i was under the impression that the taxes are included. i looked hard to get under this thresh hold. i had to pay the transfer taxes 2x - as a seller of my house and as a buyer of my condo. it's gross.

i pay city income tax, corporate tax, state income tax, sales tax blah blah blah this city is taxing us to death

Posted by: wine lover at November 11, 2009 3:52 PM in response to Mansion Tax