budget

Policy

New mansion tax will raise $365M for the MTA

By Michelle Cohen, Mon, April 1, 2019

220 Central Park SOuth, Vornado, Robert A.M., Stern

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

New York’s 2020 budget was revealed this weekend; among many other items, the proposed “pied-à-terre tax” went away, but a progressive “mansion tax,”–a one-time tax on properties valued from $1 million to $25 million or more–and an attendant transfer tax when those properties sell–will reportedly raise $365 million, according to The Real Deal. The money will head straight to the MTA. The new tax will top out at 4.15 percent.

A big tax on big ticket buys

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