property valuation

New York's Proposed Pied-à-Terre Tax Faces Legal Battles Over Property Valuation

New York Gov. Kathy Hochul and NYC Mayor Zohran Mamdani announced a proposed 'pied-à-terre' tax on non-primary residential real estate worth over $5 million, expected to raise $500 million annually. However, appraisers and attorneys warn the tax will spark costly legal battles over property valuation, as New York's antiquated property tax system dramatically undervalues co-ops and condos. About 13,000 non-primary homes would be subject to the tax, which still needs state legislature approval.