Anyone dealing with a property purchase in New York City will undoubtably end up asking themselves, "What is a mansion?".
The current New York State and City tax setup has mansions, mostly of the one bedroom variety in Manhattan, paying an additional tax once the price and consideration crosses the $1 million threshold.
Mayor de Blasio's new proposal wishes to add a further 1% tax on the entire purchase price for $1.75 million and up, and an additional 1.5% tax on any amount over $5 million.