Imagine you're buying a super-expensive house, like a mansion! Some places have a special tax on these pricey homes called a 'mansion tax'. It's not about how big the house is, but how much it costs.
This tax is only for houses that cost more than a certain amount, usually $1 million or more. It's like an extra fee you pay when you buy the house.
Think of it as a one-time extra payment on top of the house price.
- The mansion tax is a fee paid when buying a very expensive house.
- It's based on the house's price, not its size.
- The tax percentage varies depending on where you buy the house and the house price.
- Buyers usually pay the tax, but sometimes the seller helps.
| Example | Cost |
|---|---|
| House price | $3,000,000 |
| Mansion tax (NYC example) | $32,500 |
