New York A 10812: Increases the threshold for the additional tax on real estate transfers

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
A10812 Summary:

BILL NOA10812 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORBlumencranz

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §1402-a, Tax L

&nbsp

Enacts the "middle-class homebuyer protection act" to increase the additional tax imposed on residential real property if the consideration for the conveyance from $1,000,000 to $4,500,000 where the residential structure contains five thousand square feet or more of livable interior space.

Go to top A10812 Actions:

BILL NOA10812 

&nbsp

04/01/2026referred to ways and means

06/04/2026held for consideration in ways and means

Go to topA10812 Committee&nbspVotes:

Committee:WAYS AND MEANS Chair:Pretlow 
DATE:06/04/2026AYE/NAY:22/10 Action: Held for Consideration PretlowAyePalmesanoNay

GlickAyeFitzpatrickNay

ColtonAyeHawleyNay

CookExcusedBlankenbushNay

BenedettoAyeWalshNay

WeprinAyeDeStefanoNay

RamosAyeManktelowNay

BraunsteinAyeSmullenNay

McDonaldAyeGiglioNay

RozicAyeSlaterNay

DinowitzAye

MagnarelliAye

BronsonAye

DilanAbsent

SeawrightAye

HyndmanAye

WalkerAbsent

Bichotte HermelAye

SimonAye

CruzAye

OtisAye

SolagesAye

HunterAye

SeptimoAye

HevesiAye

Go to topA10812 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10812 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10812

 IN ASSEMBLY

 April 1, 2026
 ___________

 Introduced by M. of A. BLUMENCRANZ -- read once and referred to the
 Committee on Ways and Means

 AN ACT to amend the tax law, in relation to redefining the applicability
 of the additional real estate transfer tax commonly known as the
 "mansion tax", providing protections for middle-class and first-time
 homebuyers, and indexing thresholds for inflation

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "middle-class homebuyer protection act".
 3 § 2. Legislative intent. The legislature hereby finds and declares
 4 that the additional real estate transfer tax imposed pursuant to section
 5 1402-a of the tax law, commonly referred to as the "mansion tax", was
 6 enacted in 1989 to target luxury real estate transactions, but has not
 7 been adjusted for inflation or evolving housing market conditions.
 8 The legislature further finds that, particularly in high-cost regions
 9 such as Long Island and other suburban areas, modest middle-class homes
 10 are routinely subject to this tax solely due to price inflation, despite
 11 lacking any characteristics commonly associated with luxury or mansion-
 12 style residences. It is therefore the intent of the legislature to
 13 protect middle-class and first-time homebuyers, promote fairness and
 14 transparency in taxation, and ensure that taxes intended to apply to
 15 luxury properties are imposed only upon properties that objectively meet
 16 that standard.
 17 § 3. Section 1402-a of the tax law, as added by chapter 61 of the laws
 18 of 1989, subdivision (b) as amended by section 2 of part OOO of chapter
 19 59 of the laws of 2019, is amended to read as follows:
 20 § 1402-a. Additional tax. (a) In addition to the tax imposed by
 21 section fourteen hundred two of this article, a tax is hereby imposed on
 22 each conveyance of residential real property or interest therein when
 23 the consideration for the entire conveyance is [one] four million five
 24 hundred thousand dollars or more. [For purposes of this section, resi-
 25 dential real property shall include any premises that is or may be used
 26 in whole or in part as a personal residence, and shall include a one,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15353-01-6

 A. 10812 2

 1 two, or three-family house, an individual condominium unit, or a cooper-
 2 ative apartment unit. The rate of such tax shall be one percent of the
 3 consideration or part thereof attributable to the residential real prop-
 4 erty.] Such tax shall be paid at the same time and in the same manner as
 5 the tax imposed by section fourteen hundred two of this article.
 6 (a-1) For purposes of this section, the additional tax imposed pursu-
 7 ant to this section shall apply only to conveyances of residential r