A proposed pied-à-terre tax in New York aims to raise $665 million by requiring part-time or non-resident New York property owners to pay a 0.5 percent tax on housing valued at greater than $5 million. The tax rises incrementally to 4 percent for dwellings valued at more than $25 million, according to Bloomberg.

About 89,000 co-operatives and condominiums are owned by persons for whom the unit isn’t their primary residence according to the Bloomberg report (citing data from the New York Finance Department). Of these units, about 1,556, (1.75%) would be affected by the pied-à-terre tax on units valued at more than $5 million and more than 80 percent of the $665 million anticipated revenue would come from 445 units valued at greater than $25 million, according to the Fiscal Policy Institute – the group that developed the proposal.
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In order to become law, the measure would require the approval of the NY state legislature and the signature of Governor Andrew Cuomo. In 2012, New York’s real-estate industry accounted for $15.4 billion of the city’s $41 billion in local revenue.

Last Updated on October 16, 2014 by Ramin Seddiq