New York's pied-a-terre tax sets up legal fight over values

Mamdani and Hochul’s pied-à-terre tax would bring tsunami of legal battles over NYC property values, experts say

Mayor Zohran Mamdani and Gov. Kathy Hochul's controversial proposal for a pied-à-terre tax in New York City could bring a wave of legal battles from wealthy New Yorkers looking to depress their property values and avoid new levies, according to experts.

New York's pied-a-terre tax sets up legal fight over values

NYC's property tax system undervalues co-ops and condos, so experts said the city will have to come up with a new system for valuing  high-end second homes.

Mamdani, Hochul Aim to Tax Luxury Second Homes in NYC: What to Know

City and state officials in New York are supporting a plan to tax luxury second homes valued at $5 million or more. Gov. Kathy Hochul proposed a so-called pied-à-terre tax to help New York City address its $5.4 billion budget deficit, offering an alternative to Mayor Zohran Mamdani’s call for a higher income tax rate on millionaires and corporations to help close the gap. In 2019, New York officials considered a tax on luxury second homes, but i…

Wealthy New Yorkers grumble as a new tax looms

Zohran Mamdani, New York's Democratic Socialist mayor, skips the Met Gala while pursuing a pied-à-terre tax on luxury second homes to fund public services.

NYC: Pied-à-Terre Tax Misses Real Problem

Ken Girardin & Jared Walczak, City Journal Mamdani and Hochul's plan will further distort an already-dysfunctional property tax system.