New York's Luxury Pied-À-Terre Tax on Secondary Homes Set for July Implementation
By
Antonio Pequeño IV
Crisp on the outside, thoughtful on the inside. A keeper.
Summary
New York is finalizing a luxury pied-à-terre tax set to take effect in July, targeting secondary home owners who are not full-time NYC residents. Property owners included in the tax will be notified by August 30 and can contest their inclusion. Exemptions apply to primary New York City residents, properties occupied by immediate family members, and properties used as rental units. The article also explains the difference between market value and assessed sales value for properties.
Key quotes
· 3 pulledProperty owners included in the pied-à-terre tax will be notified by Aug. 30
Owners will be able to contest their inclusion
Lawmakers have framed the tax as a way to target property owners who are not full-time New York City residents
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