08/31/2026
Did you know nearly 1 in 4 homes sold on Long Island this year have been subject to New York’s Mansion Tax? 🏠
When the tax was created in 1989, the $1 million threshold was intended to apply to luxury homes. More than 35 years later, that threshold has never been indexed to inflation — while Long Island home prices have risen dramatically.
That’s why LIBI, alongside a coalition of Long Island business organizations, is calling on state lawmakers to modernize the Mansion Tax to reflect today’s housing market better.
As LIBI CEO Mike Florio told Newsday, “We’re not saying get rid of the tax… but it’s dated at this point.”
Thank you, Newsday, for highlighting this important conversation.
LongIslandHousing Housing HousingMarket Homeownership Homebuyers MansionTax MansionTaxReform NewYork NewYorkState