Second Home Tax Hits Co-Ops

New York just passed a bold new tax on second homes worth $5 million+, set to hit July 1st and potentially rake in $500 million annually—though skeptics question that number. The twist? Co-ops are now on the hook for collecting it from shareholders, risking legal trouble or even building liens if anyone skips payment. Experts warn this could force co-ops to ban second homes entirely, sparking fresh headaches. For now, eligibility hinges on a shaky formula tied to outdated assessed values—soon to flip to market value, which may catch many off guard. Residency? Determined by tax returns, but expect a flood of disputes. The city’s finance and tax teams are bracing for a staffing crunch. Exceptions? Full-time tenants or family main residences are safe. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/90678c6f7c605411