pied-à-terre tax
Definition
A proposed or discussed annual property tax surcharge in New York City targeting high-value secondary residences (pied-à-terres), typically luxury apartments owned by non-residents or not used as primary homes, with rates starting at around 0.5% on values exceeding $5 million.
A policy idea aimed at wealthy absentee owners to generate revenue from underutilized luxury real estate, often likened to similar taxes in cities like Paris.
Examples
The pied-à-terre tax has billionaires scrambling to reclassify their Manhattan penthouses as 'emotional support crash pads.'
Thanks to the pied-à-terre tax, my roommate's futon suddenly feels like prime real estate compared to those oligarchs' empty towers.
He bought a pied-à-terre for weekend escapes, but the new tax turned it into his most expensive paperweight.
Politicians tout the pied-à-terre tax as a way to stick it to the rich—ironically, while sipping champagne in their own subsidized digs.