NY Pied-à-Terre Tax Needs Significant Rates to Earn $500 Million

Luxury second homes in New York will have to be taxed at a “significant” amount to generate the $500 million of revenue the city is counting on to help close a gaping budget hole, according to a new study from New York City Comptroller Mark Levine’s office.

Should the new charge be structured similarly to previous proposals, the tax would yield between $340 million and $380 million in revenue, Levine’s office found.