Live in Miami or Silicon Valley with a luxury apartment in New York? Get ready for a new tax

Government

If you happen to own a multi-million dollar vacation home in New York City , lawmakers are gearing up to increase your tax bill. Gov. Kathy Hochul unveiled a plan this week for a pied-à-terre tax in NYC, which would tax property owners who primarily live outside the city but have a local home worth over $5 million. Often, these individuals don't pay city or state taxes because their official address isn't in NYC. The proposal, which is backed by Mayor Zohran Mamdani , could mark his first step

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