New York City’s Mansion Tax is Ridiculous

Name: New York City’s Mansion Tax is Ridiculous
Uploaded: 2023-12-06T23:12:46+00:00
Duration: 5 s
Channel: Sam Parr
Description: In this brief excerpt from Sam Parr’s YouTube video, he highlights how New York City’s housing market is burdened by a steep “mansion tax.” He notes that…

6 Dec 2023 · 0 min

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In this brief excerpt from Sam Parr’s YouTube video, he highlights how New York City’s housing market is burdened by a steep “mansion tax.” He notes that the average home price in the city is about $800,000, but the mansion tax only kicks in for properties priced at $1 million or more, imposing a rate of roughly 4%. This means that even a modest 2‑bedroom apartment can carry an additional $40,000 in tax, making living in NYC financially challenging. The tone is conversational and critical, emphasizing the perceived absurdity of the tax structure.

The average sale of a New York home is like $800,000. The mansion tax starts at $1 million.
You have a 6-bedroom mansion?
Yeah, so their mansion tax, it's close to 4%. Basically, if you purchase a 2-bedroom apartment in New York City, you basically have to say, all right, here's an additional $40,000 just for buying a 2-bedroom apartment in New York City. It's a very challenging place to live because of that.
You live in New York, right? I do live in New York. What will it take for you to move? Nothing. I've come to the realization that I'm willing to pay for the experience. Like, yes, the taxes are higher, but I feel like the money that I give on those higher taxes is very much in exchange for the density of New York City, the experience, all of that. And so to some degree, it's like the biggest expense I pay every year, but it's because of the quality of life that I want. And so I've just come to terms with it and like, you know, stroke the check every year.