All-Cash Property Tax Is Likely to Get Axed: New York Brief

Tax on All-Cash NYC Home Buys Faces Ax

Photographer: Michael Nagle/Bloomberg

A new tax on all-cash real estate transactions over $1 million in New York City is likely to be dropped from the state’s budget, Laura Nahmias and Nacha Cattan report.

New York state lawmakers had been working on it as an option to help fill the city’s budget deficit. The tax, which was estimated to potentially raise about $160 million, would have been levied at 1% of the purchase price and paid by the buyer.

A new pied-à-terre tax on pricey second homes remains in the state budget.

All-cash transactions ...