How to Save: NYS Transfer and Mansion Tax
Effective July 1, 2019, New York State legislature has increased both New York State Transfer Tax and the New York State Mansion Tax rates on all sales over $500. How does this affect you, and how does Scout help?
What is Transfer Tax?
In New York, when a property is sold, a Transfer Tax of .4% is imposed upon the seller (or purchaser of a new development property) up to $3M. The amended statute now imposes an additional .25% Transfer Tax on all properties sold over $3M ($1.25 for every $500).
How are sellers affected?
What is Mansion Tax?
For all properties sold over $1M, buyers will now pay a tiered Mansion Tax, based on the purchase price of their home. Prior to the legislation, the mansion tax was 1% of the purchase price. New legislation will now require purchasers of properties pay an additional Mansion Tax based on new tax rates.
How are buyers affected?
How does Scout Help?
While we at Scout cannot organize a Sons of Liberty movement to protest the new Transfer or Mansion Tax rates, what we can do is help defray these costs.
For all buyers and sellers affected by new tax rates, Scout will provide a cash back rebate at close of equal value to the difference of the Transfer or Mansion Tax equivalent.
Use the Scout promo code "NYSTMT" to take advantage of this offer. For any questions about this offer, please email firstname.lastname@example.org.