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<div class='quotetop'>QUOTE </div><div class='quotemain'>The Knicks were the leaders among eight teams that were notified Wednesday morning that they will have to pay luxury tax, according to ESPN.com.
Teams with a payroll above $67.865 million last season are required to pay one tax dollar for every dollar they sit over the threshold. That means the Knicks will have to pay roughly $20 million in tax.
The seven other teams that will be required to pay the tax penalty are the Mavericks, Cavaliers, Nuggets, Heat, Celtics, Lakers, and Suns.
Teams must make their payments in full by July 23.
Each of the teams that don't owe any tax will each receive 1/30th of the $92,454,198 total tax pot. That computes to $3,081,807 per franchise.</div>
<div class='quotetop'>QUOTE </div><div class='quotemain'>The Knicks were the leaders among eight teams that were notified Wednesday morning that they will have to pay luxury tax, according to ESPN.com.
Teams with a payroll above $67.865 million last season are required to pay one tax dollar for every dollar they sit over the threshold. That means the Knicks will have to pay roughly $20 million in tax.
The seven other teams that will be required to pay the tax penalty are the Mavericks, Cavaliers, Nuggets, Heat, Celtics, Lakers, and Suns.
Teams must make their payments in full by July 23.
Each of the teams that don't owe any tax will each receive 1/30th of the $92,454,198 total tax pot. That computes to $3,081,807 per franchise.</div>
