Increases the sales price threshold for real property conveyances that will trigger additional sales tax.

The "mansion tax adjustment act" raises the sales price threshold for real property conveyances that will trigger additional sales tax. The threshold will increase from one million dollars to two million dollars, adjusted for inflation starting in 2027. The tax applies to residential real property, including one, two, or three-family houses, individual condominium units, or cooperative apartment units. The tax rate remains at one percent of the consideration for the residential real property.

Increases the sales price threshold for real property conveyances that will trigger additional sales tax.

The "mansion tax adjustment act" raises the sales price threshold for real property conveyances that will trigger additional sales tax. The threshold will increase from one million dollars to two million dollars, adjusted for inflation starting in 2027. The tax applies to residential real property, including one, two, or three-family houses, individual condominium units, or cooperative apartment units. The tax rate remains at one percent of the consideration for the residential real property.