Finance
New York City's 'mansion tax' applies to residential property purchases where the consideration is:
A$500,000 or more
B$750,000 or more
C$1,000,000 or more✓ Correct
D$2,000,000 or more
Explanation
New York City's mansion tax (formally the residential property transfer tax) applies to purchases of residential real property at $1,000,000 or more. The base rate is 1% of the entire purchase price, with higher rates on a graduated scale for purchases above $2,000,000. It is paid by the buyer.
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