Mansion Tax : The Effect of Transfer Taxes on the Residential Real Estate Market 1

  title={Mansion Tax : The Effect of Transfer Taxes on the Residential Real Estate Market 1},
  author={Wojciech Kopczuk and David J. Munroe},
Houses and apartments sold in New York and New Jersey at prices above $1 million are subject to the so-called 1% “mansion tax” imposed on the full value of the transaction. This policy generates a discontinuity (a “notch”) in the overall tax liability. We rely on this and other discontinuities to analyze implications of transfer taxes in the real estate market. Using administrative records of property sales, we find robust evidence of substantial bunching and show that the incidence of this tax… CONTINUE READING
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