Understanding the Mansion Tax

ccording to Wikipedia, a "mansion" is a "very large dwelling." U.S. realtors define a mansion as a dwelling of over 8,000 square feet, whereas a traditional European mansion was defined as a house which contained a ballroom and ten or more bedrooms.


While most homes in Edgemont and Scarsdale do not contain a ballroom, many property owners might feel as if they are taxed like mansions.

If you are lucky enough to afford a home valued at over a million dollars, you should be aware of New York tax law, section 1402-a, which imposes a one percent tax upon the buyer in the purchase of residential one, two or three family homes, including condominium or cooperative units.

This tax is more commonly known as the “mansion tax."

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