Hallmark Abstract Service
Hallmark Abstract Service received the excellent question below that’s based on a proposed New York City pied-a-terre tax we discussed in the article, ‘Oracle Chooses Tax Sanity And Is Leaving California…Is New York Paying Attention?‘:
It’s an excellent question because the details of the tax and impact on homeowners in New York City at this point in time, are difficult to assess.
The Proposed Pied-A-Terre Tax!
‘…I have a client that is asking about effect of such tax on them (if it is passed).
Parents live abroad. They bought a co-op in NYC in the wife’s name and the son lives there full time. Does the current discussion on possible pied a terre tax consider this scenario and would it likely apply or be excepted if pied a terre tax is passed.
Also – how do you determine assessed value of a co-op (since I can’t go online to department of finance to get tax notices for individual co-op unit…’?
The Hallmark Abstract Service answer is…
The proposed legislation has suggested exemptions, and the links to two articles below will hopefully help clarify the Bill and the determination of assessed value.
This is a proposed exemption:
‘…The proposed legislation does provide for certain exemptions, including for dwelling units that are (i) the primary residence of at least one owner of the property or dwelling unit, (ii) the primary residence of a parent or child of at least one owner of the property or dwelling unit, or (iii) rented on a full-time basis to a tenant or tenants for whom the property or dwelling unit is their primary residence. If an owner believes one of the aforementioned qualifications for the tax exemption applies, the owner must provide proof of eligibility as required by applicable state or local law….’
These are the two articles and if you have any questions let me know.
The Revival of the New York Pied-à-Terre Tax
https://www.law.com/newyorklawjournal/2020/10/15/the-revival-of-the-new-york-pied-a-terre-tax/
What is assessed value and how is it used to calculate a pied-à-terre tax?
https://www.brickunderground.com/buy/bricktionary-what-is-assessed-value-property-tax-pied-a-terre-condo-co-op-townhouse-apartment-nyc
