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Legislature passes $175B state budget

Here’s how the budget impacts the real estate world

New York City Mayor Bill de Blasio (Credit: NYC.Gov)

The New York State Legislature and Governor Cuomo have agreed on a $175 billion state budget. Here are four real estate takeaways:

The NYC real-estate transfer tax on commercial transactions over $2 million and residential transactions above $3 million will increase by 0.25 percentage points, the NYTimes reported.

The existing 1% “mansion tax” will increase on residential sales over $1 million – the higher the price, the higher the percentage. Sales of $25 million and up will now be hit with a 3.9% tax, according to the WSJ.

permanent two percent cap on local property taxes.

Congestion pricing in Manhattan below 60th Street. The budget will raise enough money to fund $25 billion in capital improvements for the MTA.

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