New York City Lists 31,000-Plus Homes for Pied-à-Terre Tax, Tripling Early Estimate
Updated
Updated · Bloomberg · Jul 24
New York City Lists 31,000-Plus Homes for Pied-à-Terre Tax, Tripling Early Estimate
3 articles · Updated · Bloomberg · Jul 24
Summary
More than 31,000 New York City properties appeared on the initial roll for the new pied-à-terre tax on second homes, according to Finance Department data published Friday.
That count is far above the roughly 10,000 properties city and state officials had estimated would be subject to the tax when it passed in May.
Thursday marked the start of owner notifications, with the city alerting property holders that they may face liability under the new levy.
The release offers the first concrete measure of the tax’s reach and suggests the second-home levy could affect a much broader slice of the market than originally projected.
How did officials underestimate the taxable properties by 21,000, and will this massive miscalculation mistakenly penalize thousands of actual primary residents?
Could a single unpaid pied-à-terre tax bill by one shareholder put an entire NYC luxury co-op building at risk of a lien?
Will this aggressive tax dragnet capture millions from the ultra-wealthy, or merely trigger a mass exodus of real estate investors?