In this report, we estimate the state and local revenue that could be generated through a mansion tax—either a real estate transfer tax or a property tax surcharge on luxury homes. We examine 8 states and the District of Columbia, and experiment with different price thresholds to see how potential revenue would differ across states based on those thresholds. Our analysis shows that the stock of high-priced luxury homes varies widely across states. We conclude that, because every housing market is different, jurisdictions must consider not only how much revenue a mansion tax could generate, but also how such a tax would interact with existing taxes and statutes and how it would affect residents.