In June 2024, Center on Budget and Policy Priorities and ITEP released a joint report^[1] about progressive real estate transfer taxes. Using a now-discontinued dataset from the real estate company Zillow ^[2], we were able to estimate revenue from enacting these taxes in 32 states ^[3].

While this data analysis is a one-time release, it can be used to create revenue estimates for different tax scenarios than the ones included in the report. This estimator will help do that (and contains the same tables as the “Related Resources” link in the report). ITEP does not review or endorse any policy or scenario created using this estimator.

State Mansion Tax Estimator

The figures calculated by this tool are valid for calendar year 2024. If you are interested in a later year, you can consider inflating these values based on housing market data available in your state or leave them as is in the interest of conservative estimation.

1. Select your state

2. Does the tax apply to the full sales price, or only to the portion of the price above a specified price point?

3. Does the tax apply at fixed price points (e.g., $1M, $2M, etc.) or is it tied to a percentile of home sales (e.g., top 1%, 2%, etc.)?

4. Does the tax apply to business property as well as residential property?

Selecting Yes will double the calculated tax base. The report included only single-family homes and condos, however analysis of the Zillow data as well as other transfer tax data leads to a reasonable assumption that something close to half of the tax base subject to a high-value transfer tax will be properties other than single-family residences.

5. Should the tax base items below be treated separately or as a single proposal with multiple brackets?

6. Specify tax base items (Selections must be made in 1-5 before this section will calculate.)

You may specify up to 6 tax base items. For each item, select the price/percentile and the tax rate. Tax base and estimated revenue values are rounded to three significant digits.

Price/Perc	Tax Rate %	Tax Base ^[4]	Revenue ^[5]






	Total Revenue Yield		$0.00

[1] States Should Enact, Expand Mansion Taxes to Advance Fairness and Shared Prosperity: https://www.cbpp.org/research/state-budget-and-tax/states-should-enact-expand-mansion-taxes-to-advance-fairness-and

[2] Data provided by Zillow through the Zillow Transaction and Assessment Dataset (ZTRAX). More information on accessing the data can be found at http://www.zillow.com/ztrax. The results and opinions are those of the author(s) and do not reflect the position of Zillow Group.

[3] The remaining states are unavailable due to a combination of confidentiality laws (“non-disclosure states”) and inconsistencies in the data available to Zillow.

[4] For Multi-Bracket proposals, the Tax Base represents the amount in the current bracket only. So for a proposal with brackets of $1M+ and $5M+, the tax base for the $1M+ bracket is the amount over $1M but less than $5M.

[5] The revenue yield of a tax falling exclusively on buyers could be calculated simply as: C = RB where C represents revenue collections, R represents the tax rate, and B represents the tax base. Our calculation, with half of the tax falling on sellers, is instead as follows: C = ((RB) / (1 + 0.5R)).