Increases the threshold for the additional tax on real estate transfers

Summary

The bill lifts the mansion‑tax trigger to $4.5 million and adds a 5,000‑square‑foot size requirement before the 1 % tax applies. It ties the threshold to inflation, exempts first‑time homebuyers who will live in the home as their primary residence, and keeps the tax liability on the buyer unless they fail to pay. The aim is to keep middle‑class homes from being taxed as luxury properties.

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