The pandemic puts a pied-à-terre tax back on the table • According to a recent article from Brick Underground, with budget deficits looming as a result of the pandemic and a Democratic supermajority in the State Senate, a pied-à-terre tax, which would tax owners of second homes in New York City on an annual basis, is looking increasingly like it might become a reality!
Real estate taxes play a huge part in the New York economy and it’s very possible they will be used to plug the city's financial holes.
Quoting State Senator Brian Kavanagh, “We’ve seen a lot of changes in the last two years and I expect we will see more. Tax policy as it relates to the real estate industry is an area where you are likely to see a very different approach," he says.
If you'd like to learn more about this topic, you can access the full text via the link below.