New York City homeowners are taking the city to court over a new tax on luxury second homes, known as the pied-a-terre tax. The lawsuit, filed by several property owners, argues that the tax is unconstitutional and unfairly targets wealthy residents who own homes in the city but don't live there full-time. The tax, which was implemented in 2020, requires owners of properties valued at over $5 million to pay an annual tax of 0.5% on the value of the property. Critics of the tax claim it will drive up costs for high-end property owners and potentially deter investment in the city's real estate market.
Some NYC homeowners sue over pied-a-terre tax cbsnews.com
