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Pied-à-Terre Tax Hits Snags | New York City News
New York City’s new pied-à-terre tax is already facing major hiccups—nearly 2,000 homeowners wrongly flagged as owning second homes won’t pay after officials admitted the mistake. The tax, aimed at luxury properties over $5M (single-family) or $1M (condos/co-ops) not used as primary residences, was meant to raise $500M to fix budget woes. But flawed implementation led to chaos: many received letters without verifying state income tax data confirming their main residence, causing unnecessary panic. A temporary court block was overturned, but the city is now correcting errors and notifying…
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