New York Pied-a-Terre Levy May Undercut Property Tax Overhaul

New York City’s ambitious plan to revamp its property tax system may hinge on a state legislative proposal to impose an annual tax on expensive second homes.

A city property tax reform commission is eyeing revenue from absentee residential property owners as pivotal to making its overhaul work. The problem: Some state lawmakers want to target that same niche of taxpayers—through passing a pied-a-terre tax on second homes in the upcoming session—and use that money instead to plug a budget hole. That would set up competing goals if lawmakers tackle both tax issues in the 2020 legislative session, which begins ...