A coalition of Long Island business and construction groups is lobbying to adjust the New York State ‘mansion tax,’ which imposes an additional 1% levy on residential properties sold for $1 million or more. The push…
💡 Five Town Homes & Living — With Nassau’s median home price rapidly approaching the seven-figure threshold, a property selling for $1 million now triggers an immediate $10,000 tax bill that was historically reserved for high-end luxury assets. Buyers currently shopping in this price range must factor this additional 1% closing cost into their cash-to-close requirements, as it is rarely covered by financing and can significantly impact your initial down payment liquidity. If you are preparing to list a home near this valuation, we recommend discussing a strategic pricing analysis with us to understand how this tax threshold might influence buyer interest and your net proceeds at the closing table. **We help you navigate these specific closing cost hurdles so you can make an informed financial decision.**
Navigating the threshold of luxury taxation in a changing market.
We can run a detailed closing cost projection for your specific property to show exactly how this tax impacts your bottom line before you list. We’re your advocates, not just your agents.
Source: Long Island Press — Real Estate
Joey Frankel, a native of the Five Towns, Long Island with years of real estate experience is a social media expert, who will get your home the maximum exposure it needs. She is also a dual agent for both Manhattan and Long Island. Joey will bring you young professionals who are seeking the suburban lifestyle. Sandy Carl is a native of the Five Towns Long Island and familiar with the surrounding communities and school districts on Long Island. She brings over 15 years of event sales experience and real estate with a keen eye for design and home renovations. Frankel/Carl Team Five Town Homes at Douglas Elliman | Licensed Real Estate Professionals | 516-342-0056
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