Revise the Mansion Tax Code

To:  New York City and New York State Legislature

To: NYC Mayor Michael Bloomberg & NYC Council Members & NY State Legislature

BACKGROUND
In 1989 the New York Legislature enacted New York Tax Law Section 1402-a, which provides for the ability of the state to collect a 1% tax from buyers who purchase a one, two or three family home or an individual condominium or cooperative unit for $1 million or more. The "Mansion Tax" as it is commonly known was created when the average price of a New York City apartment was far less than the $1.3 million mark it is today. What was meant as a tax on the ultra wealthy has become a tax on the average homebuyer in and around New York City. Homeownership can often seem cost prohibitive to many families as it is. When including the 1% mansion tax, some potential home owners are stretched beyond their budget.

If the mansion tax had been adjusted annually to account for inflation, the selling price would have to be over approximately $1.7 million for the mansion tax to be applied. While this is certainly an improvement, real estate prices in New York City have certainly increased by far more than inflation. Hopefully the state legislature and can determine a fair solution.

Please join us in asking the NYC Council, Mayor Bloomberg and New York State Legislature to adjust the current 1% Mansion Tax Code. We encourage not only New Yorkers, but those who live in other states and countries, to sign this petition. Current New Yorkers are not the only ones affected by this as it may prohibit non-New Yorkers from buying a home in the great city of New York.

We, the Undersigned, hereby urge Mayor Bloomberg and the NYC Council to help revise the Mansion Tax for the City of New York as it no longer serves it's original purpose.


Sincerely,

Sincerely,

The Undersigned

The Revise the Mansion Tax Code Petition to New York City and New York State Legislature was created by and written by James Barnard (jcbarnard@hotmail.com).  This petition is hosted here at www.PetitionOnline.com as a public service. There is no endorsement of this petition, express or implied, by Artifice, Inc. or our sponsors. For technical support please use our simple Petition Help form.

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