The Proposed NYC "Pied-A-Terre Tax" Looks Catastrophic to NYC Real Estate
Miller Samuel
MARCH 19, 2019
The market value of these properties will be based on a "comparable sale-based valuation method." which seems in direct conflict with state law since co-ops and condos are valued as rentals by state law in NYC. It taxes residential properties valued at $5 million and above in NYC, most of which are in Manhattan.
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