Topline<\/p>\n
New York City homes worth more than $1 million and purchased with cash could face a new tax, according to Bloomberg<\/a>, with state lawmakers considering the latest measure to generate revenue from real estate deals<\/a>. <\/p>\n The tax is being discussed in budget negotiations.<\/p>\n Photo by Sebastian Gollnow\/picture alliance via Getty ImagesKey Facts<\/p>\n 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.<\/p>\n 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.<\/p>\n The tax in New York City alone could generate up to $160 million, according to the unnamed sources Bloomberg cited. <\/p>\n A spokesperson for Gov. Kathy Hochul, D-N.Y., told Bloomberg she \u201cannounced a general agreement with the State Legislature on many of the major elements of the FY 2027 Budget,\u201d adding the finalized budget would provide additional details.<\/p>\n