NYC Lawmakers Scrutinize Mamdani’s Pied-à-Terre Tax Rollout
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Removed: Owners determined to owe the tax could be on the hook for tens of thousands of dollars annually on their properties, with the first payments due in January. The tax initially covers one-, two- and three- family homes assessed by the city to be worth at least $5 million, and co-op and condo units assessed to be worth at least $1 million. Exemptions are allowed for non-owner-occupied homes occupied by a tenant, someone who collectively holds a majority interest in a corporate entity that owns a property, an owner’s immediate family member or a trust beneficiary.
Added: Owners determined to owe the tax could be on the hook for tens of thousands of dollars annually on their properties, with the first payments due in January. The tax initially covers one-, two- and three- family homes assessed by the city to be worth at least $5 million, and co-op and condo units assessed to be worth at least $1 million. ( The city has long evaluated the latter two property types differently from other homes .) Exemptions are allowed for non-owner-occupied homes occupied by a tenant, someone who collectively holds a majority interest in a corporate entity that owns a property, an owner’s immediate family member or a trust beneficiary.