Residents on Phillip Island, where building is limited because of inundation and erosion risk, are battling to have their property valuations reduced.
Residents on Phillip Island, where building is limited because of inundation and erosion risk, are battling to have their property valuations reduced.
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.
