Mansion Tax

Residents of New York City may be excited to see their home values pass the $1 million mark, but the buyers of these big-ticket digs are crying foul. They’ve been nailed by a new state-ordered “mansion tax.” Essentially, the 1 percent tax is added to the closing costs on any house sold for $1 million or more in the state. That adds up to a $10,000 additional tax on a million-dollar home. The biggest complaint among buyers: These homes are typically far more modest than what one would consider a mansion. On the other hand, the tax doesn’t appear to have slowed sales, and it raised almost $100 million in revenues for the state last year.