Mayor Mike Spano’s proposal could raise real estate transfer tax in Yonkers
Lawmakers are mulling over a controversial proposal in the mayor's budget to raise the Yonkers real estate transfer tax.
Mayor Mike Spano's budget proposal doubles the tax that Yonkers homeowners pay when they sell their homes from 1.5 percent to 3 percent.
While the move could generate millions for the cash-strapped city, many homeowners are opposed to it.
Leah Caro, who owns Bronxville Real Estate and sells homes in Yonkers, believes the tax could impact seniors the most.
"The anticipated income from this is being overstated. It's going to hurt homeowners and sellers. It's stealing equity," she says.
Spano's spokesperson released a statement saying the revenue from the tax is needed to avoid cuts to police, fire and other vital services while staying within a balanced budget.