Bill > A02626

This bill adjusts the "mansion tax" by increasing the sales price threshold for residential real property conveyances that trigger an additional sales tax from $1 million to $2 million, with a built-in mechanism for future inflation adjustments. Specifically, the bill modifies an existing tax law to apply a 1% additional tax on residential property sales of $2 million or more, which includes single-family homes, condominiums, and cooperative apartments. Starting from January 1, 2027, the $2 million threshold will be automatically adjusted annually for inflation using the Consumer Price Index (CPI) for all urban consumers, published by the U.S. Department of Labor. The tax will continue to be paid at the same time and in the same manner as the existing property transfer tax, and the adjustment will round to the nearest thousand dollars. This change effectively raises the point at which a higher tax rate is applied to real estate transactions, potentially providing some relief for middle-range property sales while maintaining the tax on higher-value properties.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A2626