Proposed Tax On Million Dollar Living Spaces Serving As Second Home

“For properties valued between $5 million and $6 million, a 0.5 percent surcharge would be added on the value over $5 million. Fees and a higher surcharge would apply to homes that sold for more than $6 million, topping out at a $370,000 fee and a 4 percent surcharge for homes valued at more than $25 million.”

This would be huge in NYC where so many high end living spaces remain empty for they are just ...