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Hochul agrees to lower threshold on second home tax for NYC, sneaks in new levy on property purchases

New York Post·Vaughn Golden·18 days ago
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A controversial new tax on second homes in New York City was quietly lowered from $5 million to a “market value” of $1 million — increasing the number of homeowners who will get squeezed as part of Gov. Kathy Hochul’s never-ending budget negotiations. Hochul’s office finally released details of her and Mayor Zohran Mamdani’s new tax on second homes in New York City to the  New York Times  Thursday, the latest concession to the Democratic socialist mayor and his liberal followers on a tax-hike crusade they say will target the rich. New York Gov. Kathy Hochul is doing a big u-turn from her January promise of no new taxes. James Keivom for NY Post The so-called “pied-a-terre” tax would apply to second homes with market values exceeding $1 million, though it wasn’t immediately clear how City Hall would impose the tax.…

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