Marty Golden’s bill would repeal the state mansion tax

Brooklyn senator estimates buyers could collectively save $380M

New York /
Apr.April 28, 2017 09:00 AM

On the heels of passing a state budget that excludes Mayor Bill de Blasio’s proposed city mansion tax, state Sen. Marty Golden wants to do away with the state mansion tax altogether.

The Brooklyn lawmaker, a Democrat who caucuses with Republicans, introduced a bill to repeal the state’s existing 1 percent tax on sales of residential property above $1 million. By doing so, he estimated purchases could save $380 million in tax payments, Politico reported.

“The State’s ‘mansion’ tax was imposed in 1988,” Golden wrote in a sponsor’s memo. “Since then, the average price of a home in most parts of the State has at least doubled.” He said the mansion tax has become a “burden on the middle class, who are already struggling to come up with the cash to purchase a moderate sized, constructed and furnished family home.”

The mayor — who’s unsuccessfully pushed for a mansion tax before — now wants a 2.5 percent tax on purchases above $2 million. City Hall estimated the tax would impact 4,500 residential real estate deals, generating $336 million in revenue in 2018.

The $153.1 billion state budget, passed by the legislature on April 9, renewed the millionaires’ tax on residents who earn more than $1 million, but did not include de Blasio’s proposed mansion tax. [Politico]E.B. Solomont


Related Articles

arrow_forward_ios
From left: John Perez, Christian Amato and Nathalia Fernandez in front of Jacobi Hospital in the Bronx (Getty Images, JacobiPeds.org, ChristianAmato.com, John Perez)
Political candidates band together to oppose affordable housing proposals
Political candidates band together to oppose affordable housing proposals
Mayor Eric Adams and 700 Eighth Avenue (Google Maps, LoopNet)
Midtown’s Row hotel to house up to 600 migrant families
Midtown’s Row hotel to house up to 600 migrant families
From left: Donald Trump and former Trump CFO Allen Weisselberg (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Former Trump CFO close to plea deal in tax fraud case: report
Former Trump CFO close to plea deal in tax fraud case: report
Arlington Village at 3100-3124 Atlantic Avenue in East New York, Brooklyn (Google Maps, Getty)
Developing in downtrodden areas gets dicey
Developing in downtrodden areas gets dicey
Gainesville mayor Lauren Poe (Facebook, Getty)
Gainesville close to ending single-family zoning
Gainesville close to ending single-family zoning
Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
NYC turns back to hotels to grow homeless shelters
NYC turns back to hotels to grow homeless shelters
Council member Keith Powers (Manhattan Community Board 5)
Defeated by industry, criminal background check bill returns
Defeated by industry, criminal background check bill returns
From left: Letitia James, Donald Trump and Brett White (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Cushman delivers 36K documents to AG in Trump probe
Cushman delivers 36K documents to AG in Trump probe
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...