The extra taxes that will be assessed range from .25 to 2.9% on top of the 1% already charged as a mansion tax for
properties sold for more than $1 million.
There is an additional .25% tax on properties that sell for more than $3 million. It is projected that this will increase NYC’s revenue collection by more than $350 million.
It remains to be seen what impact this will have on wealthy individuals investing in NYC real estate.