New York Budget Includes Tax on Luxury Second Homes
Governor Kathy Hochul signed a state budget that introduces a progressive surcharge on high-end secondary residences in New York City. The new pied-a-terre tax is expected to generate $500 million annually to help close the city budget gap.
Xurve View
Xurve View
Governor Kathy Hochul signed a state budget on Thursday including a luxury second-home tax generating $500 million annually for New York City. The surcharge targets high-end "pied-a-terre" properties and marks a policy shift for Hochul, who previously opposed such tax increases. The measure aims to close the city's budget gap while funding services for residents.
