Under the terms of the tax people in homes between £2m and £3m would pay an extra £3,000 per year while those with more expensive properties could be charged up to £10,000.
According to Balls revenue from the tax, estimated at £1.2bn a year, will be injected into the NHS to ease financial pressures on the health service.
Balls said: “Saving the NHS will be at the heart of our first Budget.
“I would like to see that revenue coming in in the first year of a Labour government, before the end of the financial year.
“We will have to see the practicalities.”
