Tuesday, February 27, 2024
Homewealth'Mansion tax' collection reaches record $259 million

‘Mansion tax’ collection reaches record $259 million

The boom in multimillion-dollar real estate sales in New York has plenty of critics. But there is one group that's cheering: New York politicians.

According to the New York state Department of Taxation and Finance, collections from the state's so-called mansion tax—a 1 percent levy on homes sold for $1 million—reached a record $259 million in the 2012-2013 fiscal year. That's up 22 percent from the previous fiscal year and up 47 percent from the market bottom in 2009-2010.

(Read more: US millionaire count hits all-time high)

Of course, $259 million is a drop in the revenue bucket, since New York collected $63.6 billion in total taxes and fees in 2012-2013. But collections on the mansion tax were more than the state alcohol tax and twice the tobacco products' tax in the same year.

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