Luxury second homes in New York will have to be taxed at a “significant” amount to generate the $500 million of revenue the city is counting on to help close a gaping budget hole, according to a new study from
Should the new charge be structured similarly to previous proposals, the tax would yield between $340 million and $380 million in revenue, Levine’s office found.
“While the final bracket and rate schedules will differ,” from the ones used to generate the comptroller’s analysis, “the tax increases needed to generate $500 million in revenues ...