Tuesday, September 21, 2021

The second homes of wealthy New Yorkers targeted by ‘oligarch’ tax proposal

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SERHANT Founder and CEO and Million Dollar Listing New York star Ryan Serhant says he sees positive points “ left and right ” in the New York real estate market amid the coronavirus.

New York state lawmakers are debating whether to add a property tax to the bills of part-time local owners.

The measure contemplated by the New York State legislature would impose a pied-à-terre, or “oligarch” tax, primarily targeting part-time residents who are not subject to state income tax. .

The proposed rates would vary from 10% to 13.5%, to be levied on condos and co-ops with an assessed value exceeding $ 300,000 – or a market value of around $ 5 million.

Homes valued between $ 5 million and $ 6 million would be taxed at an annual rate of 0.5%, while homes valued between $ 6 million and $ 10 million would be taxed at the rate of 1% plus a fee of $ 5,000. The rate would gradually increase to 4% plus a fee of $ 370,000, for homes valued at over $ 25 million.

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