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2026-05-28 07:06:07
[New York State Legislature Passes Budget Plan Including "Second Home Tax" but Not All-Cash Purchase Tax] 1. New York State legislators recently approved a revenue plan that includes a new surcharge on expensive second homes in the city, the so-called "non-primary residence tax." However, a previous proposal to tax all-cash purchases was not included in the final plan. 2. This new tax is expected to take effect on July 1st and will be levied in two tiers: 0.8% to 1.3% for single-family homes; and 4% to 6.5% for cooperative and condominium homes.
