How pied-à-terre, cash-buyer surcharges will change behavior
Real estate people are scrambling to gauge the effects of the pied-à-terre and cash-buyers taxes. One industry insider looked at my random example of 737 Park Avenue, a prestigious co-op. Unit 19A just hit the market for $18 million. Let’s assume it’s purchased for that amount and becomes a second home. After the temporary version of the tax gives way to the new, sales-based method floated by Gov. Kathy Hochul, the surcharge would be nearly $200,000 a year, in addition to its regular $100,000 property tax, the source estimated. “That owner has been undertaxed for a while and needs to […]
This article originally appeared on The Real Deal. Click here to read the full story.
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