What are the tax implications of buying real estate in NYC?
An example of an AI chatbot conversation about tax implications for real estate in NYC.
What are the tax implications of buying real estate in NYC?
When buying real estate in NYC, you need to consider property taxes, transfer taxes, and potential capital gains taxes.
Can you explain the property tax rates in NYC?
Property tax rates in NYC vary by property type, but the average rate is around 12.5% for residential properties.
What about the transfer taxes? How much should I expect to pay?
In NYC, the transfer tax is typically 1% for properties under $500,000 and 1.425% for properties over that amount.
Are there any exemptions or deductions I should know about?
Yes, there are exemptions like the STAR program for primary residences, which can reduce your property tax bill.
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