Options Abound for NYC Owners Looking to Oppose Pied-à-Terre Tax, Bloomberg Law

Partner Cosimo Zavaglia was quoted by Bloomberg Law in an article examining potential legal strategies for New York City property owners seeking to challenge or limit liability under the city’s new pied-à-terre tax.

Cosimo discussed potential challenges to the tax, including whether the surcharge operates as a property tax subject to limits under the New York State Constitution.

“It’s a constitutional guardrail that prevents the city from arbitrarily spiking property taxes to close sudden budget deficits,” he said. “So the question is, can the legislature take a tax that operates like a property tax outside of the ordinary property tax framework simply by labeling it a separate surcharge?”

Read the full Bloomberg Law article >>
Subscription may be required.