New York City lawmakers are trying to reintroduce 'mansion tax' in order to help fund city programs focused on youth, and immigrant services, the Wall Street Journal reports.
New York City Council members introduced the proposal, first put forth by Mayor Bill de Blasio, in response to the preliminary budget for 2017.
Under this 'mansion tax' proposal, properties purchased for $1.75 million would be taxed at a rate of one percent, and those purchased over $5 million would be taxed at 1.5 percent.
Lawmakers estimate that this would generate $410 million for the city next year. Overall, the City Council asked for $790 million in new spending for the preliminary budget. That includes $101 million in tax relief such as tax breaks for low-income households.
The 'mansion tax' would also help increase funding for youth summer employment programs.
The proposal still needs the approval of state legislature, which previously rejected a similar proposal supported by the Mayor.