New York City is intensifying its efforts to crack down on tax cheats in the wake of a bumpy rollout of its pied-à-terre tax, a levy aimed at curbing the proliferation of luxury apartments owned by wealthy individuals as second homes. Despite initial concerns over the tax's implementation, city officials have signaled a renewed commitment to enforcing compliance and collecting revenue from those who have dodged or underpaid their taxes. The pied-à-terre tax, which went into effect in 2022, targets non-resident owners of high-end apartments in Manhattan and other boroughs, with rates ranging from 0.5% to 2.05% of the property's value. As the city looks to make up for lost revenue and ensure fairness for law-abiding taxpayers, officials are now zeroing in on those who have exploited loopholes or failed to register their properties.
New York targeting tax cheats after clunky rollout of pied-à-terre levy Gothamist
