New York passes Mamdani’s pied-a-terre tax. Who pays and how much
The post New York passes Mamdani’s pied-a-terre tax. Who pays and how much appeared on BitcoinEthereumNews.com. The 220 Central Park South building, center, stands in New York, U.S., on Wednesday, Jan. 23, 2019. Just days after buying one of the most expensive residential properties in London, Citadel founder Ken Griffin set a U.S. record with the $238 million penthouse at 220 Central Park South. Jeenah Moon | Bloomberg | Getty Images New York City’s new tax on second homes will more than double property taxes owed by many wealthy luxury apartment owners, according to tax experts. State lawmakers on Wednesday passed the tax on non-primary residences in order to help close the city’s budget gap. The so-called pied-a-terre tax will be imposed on second homes valued at $1 million or more. It’s expected to raise $500 million in revenue. Details on the tax obtained by CNBC show that the property tax would take effect in two different phases. In the first two years – the tax years 2026-2027