Day Pitney Analysis Cited in Realty Today Article on Luxury Real Estate Taxation

As New York and California take different approaches to taxing high-value real estate, Day Pitney’s analysis is helping inform the conversation. A recent Realty Today article cited the firm’s guidance on New York’s newly enacted pied-à-terre tax and its implications for owners of luxury second homes.
 
The article references Day Pitney’s discussion of the new annual surcharge on certain high-value New York City residences that are not used as a primary residence, including the law’s valuation rules, ownership “look-through” provisions, and potential implications for property owners.
 
Please note that the deadline for exemption applications has been extended from August 21 to September 18. 
 
Read the article here.
 
Read Day Pitney’s full client alert here to learn more about the law’s phased implementation and the considerations for owners of second homes and investment properties.