Although mansions in terms of size may come far and few between in New York City, understanding the mansion tax is vital for any potential buyer. For many buyers, the mansion tax tends to be one of the largest closing costs when buying a co-op, condo, or house, and should definitely be considered when looking for a home. 

If you intend to buy a home in New York City, you should understand exactly what the mansion tax is, which properties are subject to the tax, and when to pay this tax. This article will cover all of these details, as well as ways to offset other closing costs.