Setting its sights on owners of high-priced residences who reside outside the metro area and all over the world, New York is looking at imposing a hefty pied-at-terre tax, up to 4% a year.
The tax would apply to apartments and homes with a current market value of over $5 million. The tax was proposed by the Fiscal Policy Institute which noted that non-resident owners do not pay New York City income taxes and frequently pay low property taxes. The announcement fueled fears that such an onerous tax could put the brakes on a number of luxury condo projects in the works in Manhattan.
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