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New York State Says No to Annual Pied-A-Terre Tax, Yes to Increased Real Estate Transfer Taxes

Volume 6 No 5    /    Read Article

By Nina Krauthamer

As part of New York State’s annual budget process, law makers proposed an annual pied-à-terre tax on homes worth $5 million or more that do not serve as the buyer’s primary residence. At the last minute, the tax was dropped and replaced by a 0.25 percentage point increase to the real estate transfer tax on sellers and a new graduated mansion tax, a special transfer tax imposed on purchasers. Nina Krauthamer addresses the ins and outs of both taxes.    See more →