New York City homes worth more than $1 million and purchased with cash could face a new tax, according to Bloomberg, with state lawmakers considering the latest measure to generate revenue from real estate deals.
The tax is being discussed in budget negotiations.
PHOTO BY SEBASTIAN GOLLNOW/PICTURE ALLIANCE VIA GETTY IMAGES
New York lawmakers are planning the tax, Bloomberg reported, citing unnamed people familiar with the state budget negotiations who noted the proposal would be levied at 1% of the buying price and be paid by buyers.
The legislators are also considering expanding the tax to $1 million or more cash purchases in the state that would incorporate the suburbs and upstate New York, Bloomberg added.
