Rich New Yorkers’ second homes targeted in proposed ‘oligarch’ tax – By Brittany De Lea (FOX Business) / January 7 2021
Proposal comes as the state deals with a massive coronavirus-related budget deficit
New York State lawmakers are weighing whether to tack on a property tax to the bills of local part-time homeowners.
The measure under consideration by the New York State Legislature would impose a pied-a-terre, or “oligarch,” tax, primarily targeting part-time residents who aren’t subject to state income taxes.
Proposed rates would range from 10% to 13.5%, to be levied on condos and co-ops with assessed values exceeding $300,000 – or a market value of about $5 million.
Homes worth between $5 million and $6 million would be taxed at a yearly rate of 0.5%, while those valued between $6 million and $10 million would be taxed at a rate of 1% plus a fee of $5,000. The rate would gradually increase to 4% plus a $370,000 fee, for those homes valued at more than $25 million.+
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