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

The "mansion tax adjustment act" increases the sales price threshold for real property conveyances that will trigger additional sales tax. The threshold is raised to two million dollars, adjusted for inflation. The tax applies to residential real property, including one, two, or three-family houses, individual condominium units, or cooperative apartment units. The tax rate is one percent of the consideration for the conveyance. This act takes effect immediately.

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

The "mansion tax adjustment act" increases the sales price threshold for real property conveyances that will trigger additional sales tax. The threshold is raised to two million dollars, adjusted for inflation. The tax applies to residential real property, including one, two, or three-family houses, individual condominium units, or cooperative apartment units. The tax rate is one percent of the consideration for the conveyance. This act takes effect immediately.