New York reaches deal on pied-à-terre tax for second homes
Updated
Updated · Barron's · May 7
New York reaches deal on pied-à-terre tax for second homes
13 articles · Updated · Barron's · May 7
The measure would target New York City non-primary residences worth more than $5 million and could raise about $500 million a year, with a budget vote possible within a week.
Details are still being finalised on how to align assessed and market values, while a comptroller analysis outlined tiered surcharges from 0.5% to 4% for homes above $25 million.
Supporters say the tax could help narrow a projected $10 billion 2027 city deficit, but business groups warn it may deter wealthy buyers, reduce other tax receipts and shift jobs to Florida or Texas.
Could New York's new 'second home' tax backfire and shrink its budget by driving away wealthy investors?
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