The Mansion Tax in Westchester is 1% of the purchase price and is applicable to purchases of residential property of $1 million or more. The Mansion Tax does not apply to homes priced below $1 million. The Westchester Mansion Tax …
Buyer closing costs in Westchester are roughly 3% if you’re financing and 2% if you’re paying cash. Westchester buyer closing costs are lower than in NYC. The largest buyer closing costs in Westchester include the Mansion Tax, Mortgage Recording Tax …
How Much Is the Mortgage Recording Tax in Westchester?
The Mortgage Recording Tax in Westchester is 1.3% of your loan size. Yonkers has a higher Mortgage Recording Tax rate of 1.8%. If you’re paying cash, you do not have to pay any Mortgage Recording Tax. Institutional lenders typically contribute 0.25% …
The Mansion Tax in Westchester is 1% of the purchase price. It applies to purchases of residential property of $1 million or more. The Mansion Tax does not apply to homes below $1 million. The Westchester Mansion Tax is applicable to the purchase of to all residential real property or interest in residential real property. This includes one to three family houses as well as condos and co-ops.
Click here to read our comprehensive guide to the Westchester Mansion Tax.
How to avoid the Westchester Mansion Tax
You can reduce or eliminate the Mansion Tax when buying in Westchester by requesting a buyer agent commission rebate from Hauseit. Rebates are a legal and non-taxable way to reduce your buyer closing costs while receiving traditional, full-service representation from a seasoned buyer’s agent throughout the purchase process. While there’s no way to avoid the Manision Tax per se, you can offset some or all of this closing cost by working with Hauseit.
How much are buyer closing costs in Westchester?
Buyer closing costs in Westchester are roughly 3% if you’re financing and 2% if you’re paying cash. Westchester buyer closing costs are lower than in NYC.
The largest buyer closing costs in Westchester include the Mansion Tax, Mortgage Recording Tax and title insurance. Additional Westchester buyer closing costs include attorney fees, lender fees if you’re financing, survey and inspection fees, recording fees and building fees if you’re purchasing a condo or co-op.