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Luxury Tax Stumbles Over Hidden Owners | New York City News
New York City’s luxury home tax is hitting a wall as half of those targeted are owned by trusts or LLCs, hiding true owners and threatening the city’s $500 million annual revenue goal. With 37% of Manhattan properties held through entities, tracking who lives where is like searching for a needle in a haystack — even city officials can’t access the data. While the law exempts those with majority stakes, loopholes are letting many off the hook. The Department of Finance has already exempted thousands and extended deadlines to October sixth, but homeowners are suing, calling it chaotic and…
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