New York State Governor Kathy Hochul has proposed a new tax on luxury second homes in the city, targeting properties valued at $5 million or more. The move is part of a broader effort to address the state's affordability crisis and generate revenue for public services. Under the proposed plan, owners of high-end second homes would face a new annual tax, which could range from 0.4% to 2.4% of the property's value. This measure would likely impact wealthy individuals and corporations that own high-end properties in NYC, sparking debate over the fairness and effectiveness of the new tax.
Gov. Kathy Hochul wants to tax second homes in New York City that are worth $5 million or more. Here’s how the proposal might work.
