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Rob-Jeanette Folwell / Wikimedia (CC BY-SA 3.0)

New York City Proposes Annual Tax on Second Homes Over $5 Million

New York City officials announced a proposed annual surcharge on second homes valued above $5 million, estimated to generate up to $500 million in revenue. The plan targets properties like those owned by billionaires who have moved to Florida but retained New York residences.

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