Hochul Proposes Tax on N.Y.C. Second Homes That Are Worth $5 Million
The New York Times • • general
Key Points:
- Governor Kathy Hochul plans to propose a pied-à-terre tax targeting second homes in New York City valued at $5 million or more, aiming to raise $500 million annually to help address the city's $5.4 billion budget deficit.
- The proposed tax surcharge would likely use a sliding scale, with higher-valued properties taxed at higher rates, and will be part of the state budget negotiations.
- Hochul supports the tax as it targets ultrawealthy non-residents who own expensive second homes in the city but do not pay state or city income taxes.
- The governor has resisted raising taxes on large corporations or high earners, making the pied-à-terre tax a more acceptable alternative to address budget shortfalls.
 { path { fill: %23EEEFE9 } })