New York Lawmakers Planning First-Of-Its-Kind Tax On $1 Million Homes Purchased With Cash, Report Says
The proposal would mirror New York City’s mortgage-recording tax and is expected to raise about $160 million for city services, officials said.
- On Thursday, State Assembly Speaker Carl Heastie confirmed New York lawmakers are advancing a 1% tax on cash home purchases of at least $1 million as part of Governor Kathy Hochul's aid package for New York City.
- To help New York City address its structural budget deficit, Governor Kathy Hochul proposed these measures, which New York City Mayor Zohran Mamdani relied on to balance his proposed city budget earlier this week.
- The pied-à-terre tax targets unoccupied second homes with rates ranging from 0.8% to 6.5% depending on property value, while the cash-purchase tax applies to real estate selling for at least $1 million in the five boroughs.
- President James Whelan of The Real Estate Board of New York criticized the proposals, stating the taxes will discourage investment and 'cost thousands of jobs' while making New York less competitive.
- Negotiations continue on the $268 billion state budget, which is now more than six weeks late; State Assembly Speaker Carl Heastie hopes to begin voting on the spending plan by the end of next week.
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13 Articles
New York Post
matzav.comHochul’s budget to bludgeon even more New Yorkers after details of controversial NYC second-home tax revealed
A controversial new tax on second homes in New York City was quietly lowered from $5 million to a “market value” of $1 million — increasing the number of homeowners who will get squeezed as part of Gov. Kathy Hochul’s never-ending budget negotiations.
Lawmakers plan tax on NYC cash sales, as Hochul details pied-a-terre plan
Gov. Kathy Hochul delivers remarks at NYS Affordable Housing Conference. The governor laid out the details of her proposed tax on NYC second homes, a month after she backed it. [ more › ]
ANOTHER NYC CASH GRAB: NY Lawmakers Reportedly Eye New Tax on $1M+ Cash Home Purchases in NYC Amid Budget Talks
According to a report in Bloomberg, New York lawmakers are planning a new tax targeting New York City homes purchased entirely in cash for $1 million or more as part of ongoing state budget negotiations. • The proposed levy is expected to raise about $160 million to help plug the city’s growing budget hole. The […]
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