Proposed Tax On Million Dollar Living Spaces Serving As Second Home

“For properties valued between $5 million and $6 million, a 0.5 percent surcharge would be added on the value over $5 million. Fees and a higher surcharge would apply to homes that sold for more than $6 million, topping out at a $370,000 fee and a 4 percent surcharge for homes valued at more than $25 million.”

This would be huge in NYC where so many high end living spaces remain empty for they are just investments.

Would be great for a subway system revamp, and any leftover for remedying the housing crisis there.

www.nytimes.com/2019/03/11/nyregion/mta-subways-pied-a-terre-tax.html

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