Enacts the "mansion tax adjustment act"

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

• Democratic4
• Republican3

This bill has cosponsors from more than one party.

Shown in neutral colors by design; Agora is non-partisan.

◆ The sponsor's argument

Why Pete Harckham says this is needed

This original tax was introduced in 1989, at a time when one million dollars is the modern-day equivalent to $2.23 million after inflation. This bill would amend the price point of the so-called "mansion tax" by one million dollars, to account for both inflation as well as rising real estate prices not only in New York State, but in the United States as well. Many properties that are currently subjected to this additional tax rarely classify as "mansions," but are instead highly priced due to the recent rising trend in real estate prices. This bill would seek to rectify this issue by updating the price point so that homeowners and those seeking to purchase and sell property are not burdened by an outdated tax.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.