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NYC Targets Luxury Homeowners with New Tax | New York City News
New York City’s new luxury property tax targets high-end second homes, hitting properties worth over $5 million for houses and $1 million for condos or co-ops, aiming to ensure wealthy homeowners contribute fairly—even if they don’t claim NYC as their primary residence. The state is cracking down on residency fraud, scrutinizing exemption claims and warning that attempts to dodge taxes by falsely claiming another state as home will be met with enforcement. With potential annual revenue of up to $500 million, the tax funds essential city services and signals a firm stance against tax evasion…
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