There are many possible interventions to stop the runaway return to the Gilded Age in the City of St. Francis. The Pied à Terre tax seems an excellent one. [New York] State Sen. Brad Hoylman (D), who represents part of Manhattan, will introduce a bill that would place a property tax surcharge on the most luxurious homes in New York City owned by nonresidents. (New York City requires the state’s approval to raise taxes.) ...it would apply to properties valued at $5 million or more, adding a tax of 0.5 percent for the first $1 million in value over $5 million, and gradually rising until the rate tops out at 4 percent for the value over $25 million.
Posted on: Wed, 01 Oct 2014 23:48:21 +0000
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