New York City’s budget is over $120 Billion a year, more than the national budgets of Ireland and Portugal combined. Someone has to pay all these bills, and it may be you. The Pied-a-Terre tax (PAT) – a “second home” tax – was passed on the assumption people owned NYC real estate and probably worked in the City, but since they hated paying NYC income taxes, they bought another home in the Hamptons or the Jersey Shore which they claimed was their actual domicile, thereby minimizing their overall income tax bill. If you have enough money to purchase a second home in New York City: Congratulations, you’ve earned it (or more likely, you inherited it). But if
Read More
