Welcome to YRE

NYC’s mansion tax is a 1%–3.9% buyer closing cost on homes $1M+. Here’s how it works in 2026 and why it applies beyond mansions.

The fiscal landscape for residential property owners in New York City is defined by a multi-layered regulatory framework that encompasses municipal assessments, state-level transactional levies, and evolving federal income tax structures. For owners of condominiums and cooperative apartments, typically categorized as Tax Class 2, the complexity of these obligations is compounded by the administrative role of building boards and the "legal fiction" of cooperative ownership, wherein residents hold shares in a corporation rather than direct title to real property. Navigating the 2026-2027 tax cycle requires a precise understanding of the Department of Finance (DOF) calendar, the implications of the "One Big Beautiful Bill" (OBBB) Act on federal deductions, and the prospective impact of proposed municipal rate increases that may significantly alter annual liabilities.

The urban landscape of New York City, a complex palimpsest of historical ambition and contemporary necessity, has recently undergone its most significant regulatory transformation since the mid-20th century. At the heart of this metamorphosis is the "City of Yes" zoning initiative, a tripartite legislative strategy introduced by the Adams administration in June 2022 to modernize a zoning resolution that had remained largely stagnant since 1961. For over six decades, the city’s growth was dictated by a philosophy of rigid use separation and automobile-centric development—a framework that, by the 2020s, had become a primary driver of the city’s housing shortage, economic friction, and climate vulnerability. As of February 2026, the implementation of these reforms, bolstered by the historic November 2025 Charter revisions, has fundamentally recalibrated the power dynamics between the city's residents, investors, and developers.

Why does one NYC apartment sell for more than another? Our guide reveals the key factors that make some buildings trade at a premium, from pre-war charm to modern amenities.