Increases the additional tax on residential real property conveyances over $4.5 million for homes with 5,000 square feet or more of livable interior.

The bill, known as the "middle-class homebuyer protection act," modifies the additional real estate transfer tax, often referred to as the "mansion tax." It raises the tax threshold from $1 million to $4.5 million for residential properties with 5,000 square feet or more of livable interior space. This change aims to protect middle-class and first-time homebuyers from being taxed on properties that do not meet luxury standards. The tax threshold will be adjusted annually based on the consumer price index. The tax will not apply to first-time homebuyers.

Increases the additional tax on residential real property conveyances over $4.5 million for homes with 5,000 square feet or more of livable interior.

The bill, known as the "middle-class homebuyer protection act," modifies the additional real estate transfer tax, often referred to as the "mansion tax." It raises the tax threshold from $1 million to $4.5 million for residential properties with 5,000 square feet or more of livable interior space. This change aims to protect middle-class and first-time homebuyers from being taxed on properties that do not meet luxury standards. The tax threshold will be adjusted annually based on the consumer price index. The tax will not apply to first-time homebuyers.