A pied-à-terre tax proposed by New York State legislators faced the scrutiny of the Independent Budget Office.
"A tax on luxury second homes in New York City would yield far less revenue than expected," reports Erin Hudson, sharing findings of a report by the New York City Independent Budget Office (IBO).
The IBO reduced its revenue estimate for a proposed pied-à-terre tax by 41 percent, estimating total revenue generated to total $232 million. "George Sweeting, deputy director of IBO, said the agency realized far fewer homes than originally thought would qualify as pieds-à-terre worth $5 million or more," Hudson explains of the report's findings.
Still, Sweeting also said that with so many unknowns, the numbers could change again. As proposed by State Senator Brad Hoylan (D-Manhattan), the pied-à-terre tax would increase property taxes for one- to -three-family homes worth $5 million or more if the homes are not a primary residence.
The state, which would approve any potential pied-à-terre tax, has been flirting with the idea for a few years now, dating back to 2019 and the budget process that culminated in March 2020.
Read the full story: Pied-à-terre tax revenue estimate slashed by 41%
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