Mortgage planning in New York requires distinguishing between New York City urban housing and suburban/upstate counties. In Westchester, Nassau, and Suffolk counties, effective property tax rates frequently exceed 2.0%, placing substantial monthly obligations on buyers of single-family homes. Within the five boroughs of NYC, property taxes on Class 1 single-family homes are lower (averaging ~0.90%), but co-ops and condominiums dominate the market. In a NYC Co-op, the buyer purchases shares in a housing corporation rather than real property, and the monthly maintenance fee includes the building's underlying mortgage and proportional municipal real estate taxes alongside heating and staffing. In addition, New York State levies a 1.0% 'Mansion Tax' on residential purchases of $1,000,000 or greater, paid entirely by the purchaser at closing.