PATRIOT REAL ESTATE BRIEF

Why the $1 Million Mark Matters on Long Island

On Long Island, a home reaching the $1 million purchase-price threshold can have a meaningful impact on a buyer’s closing costs.

Under New York’s current mansion-tax rules, qualifying residential purchases at $1 million or more are generally subject to an additional 1% tax.

That means:

$999,999 purchase

No mansion tax.

$1,000,000 purchase

Potential additional tax: $10,000.

For buyers and sellers, that can affect negotiations, cash needed at closing, and how an offer is structured.

The important takeaway isn’t political.

It’s practical:

If your transaction is near the $1 million mark, understand the full cost before you make or accept an offer.

Your real estate agent can help you identify the issue early, but buyers and sellers should confirm tax and legal obligations with their attorney or qualified tax professional.

Patriot Real Properties

Helping clients understand the deal….not just the price.

That is neutral, useful, and much more appropriate for a brokerage.

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