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Pied A Terre

All articles tagged with #pied a terre

local3 hours ago•26 min saved

NYC Rolls Out Pied-à-Terre Tax, Sending Notices to Luxury Second-Home Owners

New York City is starting enforcement of the pied-à-terre tax on non-primary luxury residences; the Department of Finance will issue notices (by August 30) and can audit six years back, with penalties up to 50% for false information. The tax is expected to raise roughly $340-500 million annually from about 10,000 properties. Rates range from 0.8-1.3% for one-to-three family homes, and 4-6.5% for co-ops/condos (top rates apply to highest-valued units). The city will recalibrate values in a second phase through 2031, and owners have 30 days to appeal; lawsuits are anticipated.

via New York Post|

#department-of-finance #local #luxury-real-estate

real-estate13 days ago•5 min saved

Co-ops Face Building-Wide Bills as NY Pied-à-Terre Tax Looms

New York’s pied-à-terre tax targeting luxury non-primary residences could force co-op boards to pay the surcharge for absentee shareholders, since co-ops are taxed as a single property and pass the cost to shareholders. With no individual tax parcels, a non-paying unit could create a building-wide lien, potentially impacting financing and requiring boards to front large sums before recovery, especially in smaller buildings; some boards are already considering restricting pieds-à-terre as a precaution, while officials say the policy targets a narrow class and includes enforcement tools for the city.

via New York Post|

#co-ops #new-york #pied-a-terre