Gov. Kathy Hochul has proposed adding an extra levy on people who own pricey second homes in the Big Apple — as its young socialist mayor calls for more taxes on New York’s highest earners.
The gov has floated imposing a yearly surcharge on second homes in New York City that are worth $5 million and more, dubbed a pied-à-terre tax, aimed at the ultra-wealthy.
“If you can afford a multimillion-dollar second home in New York City, you can afford to join its residents in supporting the greatest city in the world,” Hochul said in a statement.
It was unclear how much revenue the new levy, which is based on Rhode Island’s model, would generate.
Sources say it would affect roughly 13,000 homes, and the tax, first reported by the New York Times, would bump for homes valued at $15 million and again at $25 million.
Read Full Article Here
