New York City & State propose Pied-à-Terre Tax

New York City Mayor Zohran Mamdani and New York State Governor Kathy Hochul have announced a proposed Pied-à-Terre Tax which would levy an annual surcharge on one to three family homes, condominium and cooperative properties valued above US$5 million. Although the tax would only be levied on owners who have a separate primary residence outside of New York City, significant questions remain about implementation, including how the tax would be levied and how the value of homes would be calculated.... By: Hogan Lovells