Topline
New York City homes worth more than $1 million and purchased with cash could face a new tax, according to Bloomberg, with state lawmakers considering the latest measure to generate revenue from real estate deals.
The tax is being discussed in budget negotiations.
Photo by Sebastian Gollnow/picture alliance via Getty Images
Key Facts
New York lawmakers are planning the tax, Bloomberg reported, citing unnamed people familiar with the state budget negotiations.
A spokesperson for Gov. Kathy Hochul, D-N.Y., told Bloomberg she “announced a general agreement with the State Legislature on many of the major elements of the FY 2027 Budget,” adding the finalized budget would provide additional details.
The new tax is the latest move out of New York to improve the city’s budget through property tax hikes, as New York City Mayor Zohran Mamdani and Hochul are also trying to push through a pied-à-terre tax on secondary homes worth $5 million or more in the city.
Forbes has reached out to the offices of Hochul and Mamdani.
This is a developing story. Check back for updates.