State officials said the measure is designed to ensure owners of luxury homes who do not pay New York City income tax still contribute to municipal services.<\/p>\n
BUFFALO, N.Y. \u2014 Gov. Kathy Hochul on Wednesday proposed a new pied-\u00e0-terre tax on luxury second homes in New York City valued at $5 million or more<\/a>, aiming to help close New York City\u2019s budget.<\/p>\n The plan aims to generate at least $500 million annually in recurring revenue. It would allow the city to impose a yearly surcharge on ultrawealthy property owners who do not live in New York City full time, according to the governor\u2019s office.<\/p>\n The tax would apply to residential properties in New York City that are not used as a primary residence. Homes would qualify for the surcharge only if they are not the owner\u2019s main residence, are not rented to a primary resident, and are not occupied by the owner\u2019s family.<\/p>\n State officials said the measure is designed to ensure owners of luxury homes who do not pay New York City income tax still contribute to municipal services.<\/p>\n “As governor, I understand the importance of stabilizing the city\u2019s finances without compromising on essential services New Yorkers count on. If you can afford a $5 million second home that sits empty most of the year, you can afford to contribute like every other New Yorker,” Hochul said in a statement.<\/p>\n