New York Lawmakers Plan 1% Tax on $1 Million Cash Home Purchases
Updated
Updated · Forbes · May 14
New York Lawmakers Plan 1% Tax on $1 Million Cash Home Purchases
7 articles · Updated · Forbes · May 14
$1 million-plus home purchases made in cash in New York City could face a new 1% buyer tax under state budget talks, with lawmakers also weighing a statewide version.
Up to $160 million could be raised in the city alone, according to Bloomberg, as officials look for new real-estate revenue to help close budget pressures.
Gov. Kathy Hochul's office said she has a general agreement with lawmakers on many major FY2027 budget elements, but the full budget still awaits final details and approval.
The proposal follows Mayor Zohran Mamdani's retreat from a 9.5% property-tax hike after backlash, while he and Hochul continue pushing a pied-a-terre tax on $5 million second homes.
Will New York’s new tax on the rich solve its budget crisis or just drive wealth away?
Is the new 'pied-à-terre' tax a real fix or a patch on a broken property tax system?