Manhattan, New York City. (Photo: Shutterstock.com) The Revival of the New York Pied-à-Terre Tax
A look at the recent revival of the New York's "pied-a-terre" tax legislation which proposes a property tax surcharge on qualifying non-primary residences, including condominiums and co-ops within New York.
October 15, 2020 at 02:29 PM
6 minute read
The economic shutdown triggered by the COVID-19 pandemic has resulted in an astonishing $14 billion budget deficit in New York, with projections of up to $30 billion by 2022, according to New York Governor Andrew Cuomo. In efforts to minimize the cash flow crunch and increase capital funding of the state's economy, state legislators have turned to the New York City real estate market for relief. Most relevant is the revival of the "pied-à-terre" property tax surcharge on qualifying non-primary residences within the state.
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