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@ Layer3.news
2025-03-01 06:20:32
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MANSION TAX: WHAT IT IS, WHO PAYS IT, HOW TO AVOID IT
https://media.zenfs.com/en/smartasset_475/a3599be6d094c1c229c8b19a567a2036
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✍️ The mansion tax is a one-time fee paid at closing on high-value real estate transactions, typically above $1 million, and can range from 1% to over 5% depending on the jurisdiction.
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👉 The mansion tax is a one-time fee paid at closing on high-value real estate transactions, typically above $1 million.
👉 The tax can range from 1% to over 5% depending on the jurisdiction.
👉 The buyer is usually responsible for paying the mansion tax at closing.
👉 The tax is intended to generate revenue for housing affordability programs.
👉 The mansion tax applies to residential properties, not commercial properties.
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#NewYork #California #NewJersey #Connecticut #LosAngeles #SanFrancisco #realestate
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