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An interesting “link” has cropped up between New York (USA) and London (UK) in connection with high value residential properties and the property tax revenue they generate.
It is reported that the sale of a $238 million penthouse apartment at 220 Central Park South in Manhattan has spurred discussion of a possible pied-à-terre tax. For the last five years, a bill that would create a so- called pied-à-terre tax in New York has languished in the State Legislature, where proposals for new taxes often go to die. But after a hedge fund billionaire with an estimated net worth of $10 billion added to his personal real estate portfolio last month by purchasing the apartment in New York, things may soon be different.