August 19, 2020. Spectrum News

With New York continuing to face a staggering revenue shortfall, an updated pied-à-terre tax proposal sponsored by Assemblymember Deborah Glick and Senator Brad Hoylman is receiving renewed interest.

“Jonas Shaende, chief economist at the Fiscal Policy Institute, told Law360 that one of the reasonable criticisms made last year about the bill was its application of market valuation to co-ops that never had that valuation method applied to them before. He said the changes account for that by applying the valuation methods of the city’s existing property tax system.

He also noted that co-ops make up a significant segment of high-value New York City properties, making the bill better and the state’s tax system more progressive.

“Billionaires live in co-ops on Park Avenue,” Shaende said.”

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