Pied-à-terre tax rollout poses enforcement, compliance hurdles:“Shock to the luxury real estate market”

Mayor Zohran Mamdani’s pied-à-terre tax — his early effort to deliver a core campaign promise — is poised to take effect next month. But the devil is in the details. Implementing the surcharge on second homes with market values higher than $5 million won’t be an easy task, as the city’s Department of Finance and the homeowners subject to the tax are likely to clash over a range of issues related to residency status, valuation and rule compliance. The DOF released proposed rules Tuesday detailing how the tax will likely roll out when it lands on July 1, applying a […]

This article originally appeared on The Real Deal. Click here to read the full story.