Robert is buying a $1,100,000 single-family home in Rochester. He is obtaining a conventional loan for 90% of the purchase price. What mansion tax will Robert pay?
Correct Answer
D) $11,000
The mansion tax is calculated on the full purchase price regardless of financing. Since the property costs $1,100,000 (over the $1M threshold), the mansion tax is $1,100,000 × 1% = $11,000.
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More Ny Tax Law Questions
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