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Sen. Golden Proposes NY Repeal State Mansion Tax, Save Buyers $380M

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New York State Senator Marty Golden

New York City Mayor Bill de Blasio

State Senator Marty Golden is pushing for the state mansion tax to be repealed, just after the state budget was passed with the exclusion of Mayor Bill de Blasio’s proposed city mansion tax, state Sen. Marty Golden wants to do away with the state mansion tax altogether.

On the sales of residential properties that cost more than $1 million, New York state currently has a one percent tax. The Brooklyn democrat Senator Golden, who caucuses with Republicans, has introduced a bill to repeal this tax. He estimated that buyers could save $380 million in tax payments with the removal of the tax.

In a sponsor’s memo, Golden wrote, “The State’s ‘mansion’ tax was imposed in 1988. Since then, the average price of a home in most parts of the State has at least doubled.” He added that 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 Real Deal reports, “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.”

By Charles Bernstein

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