New York City homeowners are bracing for a potential financial hit as the city's new pied-à-terre tax looms on the horizon. The tax, which targets luxury homes owned by non-residents, aims to generate revenue and ease the burden on long-time New York City residents. However, thousands of homeowners who may be affected are still unclear about whether they will be subject to the tax, which ranges from 0.5% to 2.05% of a property's value. With the tax set to take effect in 2024, homeowners are awaiting guidance from the city on who will be exempt and how the tax will be enforced, leaving many with uncertain futures and mounting anxiety about their property's value.
Thousands of NYC homeowners warned they may have to pay the new pied-à-terre tax CBS News
