New York’s pied-à-terre tax explained: Which luxury homes could face an extra bill?

New York City's new tax targets expensive second homes not used as primary residences. This measure aims to generate significant annual revenue for the city. However, complex ownership structures complicate tax liability determination for many owners. The city has sent notices to thousands of properties, offering exemption opportunities. Homeowners are challenging the tax's implementation and fairness in court proceedings.

By TOI REAL ESTATE DESK