The Mansion Tax is an additional amount due upon recordation of the conveyance of real property.
Two states have a mansion tax by name: New York and New Jersey. This tax is only due on property transfers with a conveyance consideration (purchase price) of one million dollars ($1,000,000) or greater. In both states, the Mansion Tax is an additional 1% of the total consideration when it exceeds one million dollars.
This means that a property which is purchased for one million dollars ($1,000,000) will have no Mansion Tax due, but a property which is purchased for one million one dollars ($1,000,001) will have the Mansion Tax due of ten thousand dollars and one cent ($10,000.01).
Additionally, New York City and the surrounding boroughs have a tiered Mansion Tax rate greater than the statewide 1% tax. The counties affected by this increased tiered Mansion Tax rate are New York, Richmond, Kings, Queens, and Bronx.
In LodeStar's system, this tax amount is displayed in Section E - Taxes and Other Government Fees on the buyer side.
Questions about how Mansion Tax is mapped in your system? Email support@lssoftwaresolutions.com.