No, we’re not talking about this house.
Americans for Tax Reform
Meet the “Mansions”: Hit with New York’s Mansion Tax
by James Kartch
“We will only tax the rich. We promise.”
Democrats tell voters they will only raise taxes on the rich. But then they end up hitting the middle class.
Take New York’s so-called “mansion tax,” created in 1989, a 1% tax on home sales over $1 million.
Conveniently for Democrats and inconveniently for taxpayers, the $1 million was never indexed for inflation. So the tax hits more and more people every year.
It was sold as a “tax the rich” initiative, a classic class warfare pitch. As Governor Mario Cuomo framed it at the time, policy should involve “the sharing of benefits and burdens for the good of all.”
Let’s look at a few “mansions” today listed for more than $1 million:
$1,060,000 – 50-35 213th Street, Bayside, NY 11364
If sold at this price, the buyer would have to pay a $10,600 “mansion tax” to the taxman.
$1,150,000 – 346 88th Street, Brooklyn, NY 11209
If sold at this price, the buyer would have to pay an $11,500 “mansion tax” to the taxman.
$1,150,000 – 346 88th Street, Brooklyn, NY 11209
If sold at this price, the buyer would have to pay an $11,500 “mansion tax” to the taxman.
$1,049,000 – 1802 Stuart St, Brooklyn, NY 11229
If sold at this price, the buyer would have to pay a $10,490 “mansion tax” to the taxman.
These are normal homes. Not penthouses. Not grand estates. Just standard properties in New York.
At that level, buyers owe a mansion tax of roughly $10,000–$12,000 upfront at closing. Just for crossing an arbitrary line.
And it gets worse. The tax applies to the full purchase price, not just the amount above $1 million. A one-dollar increase can trigger the entire tax bill.
Keep this in mind when you hear 2026 and 2028 political candidates proclaim they’ll only tax “the rich.”