1% Millionaire Tax

Yes it does.

Yes it would. The form of ownership doesn't matter; it's still a $1.4M transaction.

Is the 1% tax paid out of the real estate commission?

no, because the buyer pays the tax and the seller pays the commission.

It is called a Mansion Tax, not a millionaire tax. Most of the people buying million dollar homes are not millionaires.

That's crazy-talk, MRussell.

http://www.millionairematch.com/faq

Q. What is MillionaireMatch.com?
A. MillionaireMatch.com makes it easy for the millionaires, whose busy lifestyle leaves little time to meet people conventionally, to find ideal partners online. It is a pioneer in offering this service.

Q. Who is a millionaire?
A. Anyone who earns $150,000 and above annually. You do not need to have assets that total a million dollars or more per year.

Sign of the times -- From the same FAQ:

Q: I received an overdraft fee from my bank due to a charge from SuccessfulMatch. What should I do?
A:SuccessfulMatch is NOT responsible for any overdraft fees or situations resulting from customers using cards with insufficient balances to cover membership costs.It is the sole responsibility of the user to ensure funds are prepared to cover all applicable fees and taxes.

LOL, missed that.

"We take Scam seriously."

Seriously.

patient09
about 3 hours ago
ignore this person
report abuse Is the 1% tax paid out of the real estate commission?

lol....lol....lol...lol....lol...lol.....

We just tax and tax and tax and spend and spend. No energy independence. No balls from our congressmen and senators. Just total trampling of New York by our own stupidity in this state and then on top of it the federal government just doing nothing for us.

> Q. Who is a millionaire?
> A. Anyone who earns $150,000 and above annually. You do not need to have assets that total a million
> dollars or more per year

Wow, some girls in NYC are gonna be really disappointed. $150k? Thats a STARTING salary.

"It is called a Mansion Tax, not a millionaire tax. Most of the people buying million dollar homes are not millionaires."

And most people buying million dollar homes are not buying mansions.

Really, this tax needs to adjust for reality, but we all know what it really is so... whatever.

Some have paid over a $1 million for 700 sf studios! Mansion my a$$.

"Mansion" just means "apartment building". A friend of mine used to live in Hampstead Mansions -- in one of many bedsits ... I think the entire (large) building was bedsits.

And if you're still not satisfied, look at Gracie Mansion, which is about the size of a White Castle.

Flmao. Just chill..... In a few more quarters anything priced a bit over $1mm will no longer be so..... Bye bye $1mm jumbo studios, c u $1mm 1bdrms, bye bye $1mm lic units.

It's freaking impossible to catch a break here in NYC. Most units were priced out of the tax incentive that ended in April and now to top it off we need to pay 1% tax for $1mm+ home.

yeah, anything named "estates" these days means projects.

Are they really doing "estates" projects here now? That's what all the UK projects are called.

Here they're mostly "Houses" ... which in the UK would be a prestigious corporate office building, often the HQ ("Sony Ericsson House")

w67thstreet, doesn't look that way anymore... who knows by but it doesn't.
UK — "council estates" at that. Sounds 'avenly.

Just thought Id add a comment. 1% is the mansion tax for purchase prices at 1M or above regardless of property type (condo, coop, sfr, 2-4 family). However, please keep in mind that if the purchaser is paying for transfer taxes (common with new developments) then the transfer taxes are added on top of the purchase price and then the mansion tax is calculated based on that. So if one is to avoid mansion tax in a a new development where the purchaser is paying transfer taxes then the price can't be higher than approx. $982k. This may be helpful for those that are paying transfer taxes and are close to the 1M purchase price range. sunny.hong@bankofamerica.com

Mansion tax does NOT apply to multi-fam bldgs with 4 or more units.

The law - New York State Tax Law, Section 1402-a

Rate is 1% of consideration payable by the grantee on
the transfer of a one, two or three family house, a condominium unit or a cooperative unit used in whole or
in part as a personal residence when the total consideration is $1,000,000 or more.

Mortgage recording tax on multi-fams with 4 or more units is higher than multi-fams with fewer units.

and if you buy your mansion in the next 5 months and get your mortgage thru me.. you get not only one set of ginsu knives, but the paring knife as well!!!!!!

Don't worry, the fact you are a sherpa making $300K/yr in absolutely no way affect your mortgage, nor does less than 5% down, nor does the fact the prices will be lower in the next month. In fact we allow sellers' to do give backs up to 6% to get it past the board, and if itz more than 6% give back, say a boat/rolex/cash/sex... we have a Program for you called:
1) sherpa, no-doc, avoid mansion tax, avoid coop board blow back, backdate to April 30 for tax credit.

and the ever popular, mariachi singing, illegal alien no doc, forged SS# plan.... and my favorite.."we sell shitty mortgages, let the taxpayers take the lumps, I'll be long gone when the echo-bubble pops!"

Damnzzz I'm funny.