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New York passes pied-a-terre tax

cnbc.com

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Re: New York passes pied-a-terre tax

#411

Post by queenkjuul »

throwaway2037 wrote: post #173
MSFT_Edging wrote: post #149

Earlier quoted context omitted.

I'm not sure why if you or I were to expatriate and let go of our US citizenship, we'd still be on the hook for taxes for (iirc) 15 years, but the ultra wealthy can get away with tax havens while remaining citizenship and reaping the benefits of protection by X state. What prevents the tax following the offshoring attempts? Is it simply that the IRS doesn't have the manpower? or is there a legal loophole for avoiding…

> we'd still be on the hook for taxes for (iirc) 15 years This is defintely not true. I did some light Google searches and I cannot anything. There is an exit tax, but only applies if your net worth exceeds 2million USD.

I thought US citizens are taxed on income (but not capital gains) even when outside the US? I had friends who had to file US income tax returns while living overseas

Re: New York passes pied-a-terre tax

#412

Post by queenkjuul »

gruez wrote: post #164
blactuary wrote: post #148

Earlier quoted context omitted.

The goal of this isn't simply to raise revenue, it's also to discourage parking money in empty properties when it's one of the most expensive cities to live in and doesn't have enough housing

>it's also to discourage parking money in empty properties when it's one of the most expensive cities to live in and doesn't have enough housing Is that really needed when the homeowner vacancy rate is 1.3% in the New York-Newark-Jersey City MSA? https://www.census.gov/housing/hvs/data/rates.html

Lots of the highest-value units are famously empty. The "pencil skyscrapers" in particular were called out in the media.

Re: New York passes pied-a-terre tax

#413

Post by ceejayoz »

cakealert wrote: post #404
ceejayoz wrote: post #306

Earlier quoted context omitted.

And that doesn't change the fact that Jeff Bezos, fundamentally, is extremely wealthy, even if he'd have to sell or borrow against a few shares to use it.

Perhaps refer to the root of this convo branch: > Accrue more money pretty much indefinitely? You changed the subject. Wealth wasn't it.

Again: Bezos's wealth is readily convertible to money. It is not a critical distinction for him.

Re: New York passes pied-a-terre tax

#414

Post by queenkjuul »

dirtikiti wrote: post #293
nkohari wrote: post #257

Earlier quoted context omitted.

Can you explain how that would happen? This tax is limited to second homes only.

this is literally a cover to overhaul the property tax assessment system in New York. https://www.msn.com/en-us/money/companies/new-york-passes-ma... "While the tax seems large, experts say the city's antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said. Rather than overhaul the system immediat…

That literally has nothing to do with the pied-a-terre tax. The assessment process is not related to taxing second homes. Each can be done with or without the other.

Re: New York passes pied-a-terre tax

#415

Post by queenkjuul »

Jblx2 wrote: post #381
janalsncm wrote: post #296

Earlier quoted context omitted.

They are expensive largely because of housing so your statement is a bit of a tautology. Historically NYC housing used to be a lot more affordable before they stopped building, reducing supply relative to demand and thereby raising prices.

Has anyone tried to study how much NYC housing demand is due to having a large foreign-born population (something like 37%)? https://www.huffpost.com/entry/new-york-city-immigrants_n_44...

Do foreigners require more houses than Americans?

Re: New York passes pied-a-terre tax

#416

Post by gorgoiler »

apparent wrote: post #406
gorgoiler wrote: post #331

Earlier quoted context omitted.

I was indeed assuming that if you declared a value of $X but then sold N years later for $Y, then you pay N*(Y-X) in taxes. You are right to imply that it seems unfair if you discover in year 49 of your happy 50 year tenure that your Queens bungalow was built on top of a seam of pure gold nuggets all along.

Wouldn't you pay taxes every year, so N would never be ≥ 1?

I was thinking about the situation where someone cheats and declares their property to be half as valuable as it actually sold for. They would then owe back taxes for all of those years when they declared it as $X when it ended up having a market value of $2X.

But as you rightly pointed out, property values go up and down, so the vendor would say that extra $X was only in the past year, not the previous 10 years or however long they had been self declaring at a low value.

Re: New York passes pied-a-terre tax

#417

Post by bdangubic »

wat10000 wrote: post #405
huhkerrf wrote: post #338

Earlier quoted context omitted.

My dude, Menendez was imprisoned in 2025...

Still doesn't seem to be happening as much as it should lately. We have worse things being done by people currently in office. Maybe I should ask, any recent Republican examples?

it just seems that way. there are things that are legal and there are things that are illegal. outside our Lord King DJT, if you break the law and this can be proven in a court of law, you are going to prison.

Re: New York passes pied-a-terre tax

#418

Post by pandaman »

VikingCoder wrote: post #106

> While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said. I heard about a system for this that struck me as brilliant. Make someone declare the value of their property. Then the government has the choice of taxing them at the scheduled rate, or bu…

So, in this system, when does government execute this option? Does it execute on everyone and becomes the largest real estate broker in the world and the Tax Day becomes also the day you book movers to move into the next house? And if not, who is going to be moving all the time and who is going to enjoy paying taxes off their $5 houses unmolested? Who gets to buy hovels and resell them to the government at $100M a pop? So many questions need to be answered before we get to implement it.

Re: New York passes pied-a-terre tax

#419

Post by jedimastert »

nonethewiser wrote: post #190

>While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said. >Rather than overhaul the system immediately, the city will gradually update valuations – and the tax – according to the budget documents. Starting in the 2028-2029 tax year, the property va…

Edit: I've done a little research, and it looks like they might only be changing the valuation method for the super expensive homes

Re: New York passes pied-a-terre tax

#420

Post by jedimastert »

11101010010001 wrote: post #98

>“All my clients already feel like they pay too much,” Pollack said. “These numbers are significant. I don’t care how wealthy you are.” If that argument holds up in court, we are all screwed.

I mean, the numbers are pretty significant, but like there really isn't a great argument when they're already talking about second non-primary homes. Like no one is forcing them to own them, it's not a necessity
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