Your home may not be a mansion. But you might still have to pay a ‘mansion tax’

Beginning in January, homeowners in Washington state will soon pay a real estate tax that increases based on the sale price of their home.

Under the new provision, the tax rate on properties that sell above $1.5 million will more than double, rising from 1.28% to 2.75%. Homes that sell for more than $3 million will be taxed at 3%.

And Washington isn't the only state changing the way it taxes real estate. New York also recently expanded its "mansion tax" -- an additional tax that targets higher-end home sales.

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