New York is projecting $365M in new real estate taxes. But who will bear the burden?

“Do I love it? No. But can I live with it? Yes.” New York City’s ultra-wealthy buyers dodged a bullet last week when lawmakers abandoned a proposed pied-à-terre tax on luxury pads. But some brokers now fear everyday buyers will bear the brunt of a progressive mansion tax that took its place. The new mansion tax will start at 1.25 percent on sales above $2 million but under $3 million; the tax tops out at … Continue reading New York is projecting $365M in new real estate taxes. But who will bear the burden?