Governor Kathy Hochul is proposing a new tax on certain homeowners in New York State.
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Hochul Wants To New Tax On Luxury Second Homes
Governor Kathy Hochul is throwing her support behind a proposed tax targeting ultrawealthy owners of second homes in New York. She’s backing a new tax proposal that would target some of the most expensive second homes in New York City, and it is already stirring debate.
Under the plan, homeowners with luxury properties in New York City valued at $5 million or more could face a new surcharge if their primary residence is outside the city. The idea is aimed squarely at high-end second homes, often owned by wealthy individuals who split time between multiple residences…