The New York State Senate and Assembly recently released their one-House budget proposals, outlining each chamber’s priorities for the final state budget currently being negotiated with the Governor.
Both proposals build on Mayor Mamdani’s calls for higher real estate taxes by proposing to increase real estate transfer taxes in New York City for transfers or conveyances made after June 1, 2026.
Under the proposal, rates would increase to as much as 5.325% for the highest value transactions.
REBNY is strongly opposed to increased real estate taxes, which would worsen the City’s affordability crisis and make it even harder and more expensive to own a home and keep families in the five boroughs.
Contact the Governor, your State Senator, and Assembly Member to share your opposition to increased real estate taxes using the form.