Stateline: If You Can Buy a ‘Mansion,’ You Can Pay a Tax for Affordable Housing, These States Say

To create a long-term revenue stream, Berg has proposed raising taxes on the most expensive real estate transactions, an increasing nationwide trend sometimes dubbed a “mansion tax.”

Her legislation would increase the state’s tax on property sales above $3 million while decreasing the tax rate for less expensive sales. The change is estimated to create an additional $300 million in revenue each biennium, said Berg, chair of the House Finance Committee.

Read more. 

---