Thomas is buying a $1,450,000 condominium in Syracuse. He will pay cash for the entire purchase. What mansion tax is due at closing?
Correct Answer
C) $14,500
The mansion tax is 1% of the purchase price for residential properties of $1 million or more. Payment method (cash vs. financing) does not affect the calculation. Tax due: $1,450,000 × 1% = $14,500.
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A married couple is purchasing their first home, a $1.2 million house in Westchester County. They ask their agent about potential exemptions from mansion tax. What should the agent tell them?
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An out-of-state buyer is purchasing a $2.2 million vacation home in the Hamptons through a Delaware corporation. The buyer asks about mansion tax obligations. Which statement is correct?