If you're buying a property for over $1M in New York, the mansion tax is usually your largest or your second largest closing cost. It's a tax imposed by New York State and there's pretty much no way to avoid it, once you go over that $1 million threshold.  It applies to all property types. So unlike the mortgage recording tax and title insurance, you still have to pay it on a co-op. The rate itself starts at 1% for properties between $1-2 million and it rapids up from there, capping out at 3.9% of our properties over $25 million. We'll include a full break down below. It's important to note that the mansion tax is binary and that there's no tax if you pay $999,000, and $10,000 tax if you pay $1 million. That's why you very rarely see properties selling at just over $1 million. There's no way to avoid most mansion tax bills, but if you buy with Yoreevo, you'll receive a commission rebate for up to 2% of the purchase price. Enough to cover most mansion tax bills. Even better if you're considering a property just over $1 million, especially a competitive one. We can bake the rebate into the offer and avoid the mansion tax altogether. For example, if you want to make an offer of $1.02 million, we can lower our commission by the amount of the rebate. So that an offer of $999,000 nets a seller the same amount has a normal $1.02 million offer, and you avoid the mansion tax. If you reach out to me at james@yoreevo.com, I can run through it a little more detail, but to keep it really simple Yoreevo will help you save up to 2% on any property in New York City. Thanks for watching.