Mamdani, Hochul team up on second-home tax: What to know
Quick Insights
The Bottom Line
New York City proposes a new annual tax on second homes valued over $5 million to address its budget deficit.
How This Affects You
If you own a second home in New York City valued over $5 million, you could face a new annual "pied-à-terre tax" under this proposal.
AI Summary
New York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani have proposed a new "pied-à-terre tax" targeting second homes in New York City. This tax would apply annually to properties valued over $5 million. The proposal aims to narrow New York City's budget deficit by generating revenue from ultrawealthy property owners. This initiative seeks to address financial shortfalls by taxing non-primary residences.
What's Being Done
New York Gov. Kathy Hochul and New York City Mayor Zohran Mamdani have proposed the "pied-à-terre tax."
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