All properties in the state of New York that sell for $1 million or more are subject to the Mansion Tax of 1% of the sale price. The tax is paid by the buyer.  For example if you are purchasing a home for $2,500,000, the mansion tax for the buyer would be $25,000.

If you have additional questions regarding closing costs associated with your home purchase in the Hamptons, please contact Chad at 631.946.3330.