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NY Proposes 1% Tax on $1M Homes, $160 Million Revenue

5/15/2026

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Summary

Story summary

New York state lawmakers are considering a 1% tax on purchases of homes $1 million or more.
The tax could generate up to $160 million in New York City.
Governor Kathy Hochul’s office said a FY 2027 budget agreement exists as lawmakers aim to finish by May end.
Mayor Zohran Mamdani and Governor Hochul are pushing a pied-à-terre tax on homes $5 million, raising $500 million and prompting Citadel to review its $6 billion Midtown project.

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Story summary

New York state lawmakers are considering a 1% tax on purchases of homes $1 million or more.
The tax could generate up to $160 million in New York City.
Governor Kathy Hochul’s office said a FY 2027 budget agreement exists as lawmakers aim to finish by May end.
Mayor Zohran Mamdani and Governor Hochul are pushing a pied-à-terre tax on homes $5 million, raising $500 million and prompting Citadel to review its $6 billion Midtown project.