"The implementation of pied-a-terre could take months. It's a new tax, so the Department of Finance would need to establish which properties and owners to bill, send notices, review appeals, and then add the charge to property tax bills."
"The city needs to close a $5.6 billion budget gap by June 30 of this year. Levine projects the pied-a-terre tax wouldn't be billed to property owners until November, at the earliest."
"To counter that, Levine said, the Department of Finance may need to boost its auditing staff to review leases, residency claims and appraisals to ensure that assessed values reflect true market values."
"Where will Wall Street be come November, when the first pied-a-terre bills may go out? Where will the economy be after months of unmitigated inflation impacting every business and family in the country?"
Gov. Kathy Hochul's proposed pied-a-terre tax targets second homes worth $5 million or more in NYC. Implementation could take months, delaying revenue collection amid a $5.6 billion budget gap. The Department of Finance must identify properties, bill owners, and enforce compliance, which may require increased auditing staff. Economic uncertainties, including inflation and market fluctuations, raise concerns about the viability of projected revenues from the tax, especially as Wall Street's current success may not last until billing begins in November.
Read at www.amny.com
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