Kava
5.8K posts
@KavaCap
End Boomer Greed 🇺🇸 End Multimillionaire entitlements 🇺🇸 End the Geritocracy 🇺🇸America First MAGA
BREAKING: The surge in illegal immigration under the Biden administration reportedly triggered a 30% increase in home prices and a 20% rise in rents, per Federal Reserve papers.
The NYC pied-à-terre tax is a great way to audit NY state residency, so it’s no surprise they send notices far and wide. Say your home is not a pied-à-terre and they’ll expect a tax return. Say it is and you’ll have to pay the tax.
Don't let communists run your city, folks.
The @NYCMayor Mamdani pied a terre tax (the PAT tax) will likely reduce overall tax revenues for NY and that’s before considering the capital flight it will cause. When a NYC home is burdened with an additional annual tax, the home value will decline by the capitalized value of that new tax. While the PAT tax is set at 5%, it is 5% of the assessed value of the home, which is generally substantially less than its market value. Assessed values are typically a fraction, let’s say 6%-15%, of the market value of a home and/or apartment so economically the PAT tax should be approximately 0.3%-0.75% of the market value of the home. Using a 4% cap rate, a 0.3%-0.75% PAT tax should reduce market values and annual real estate tax collections by 7.5%-18.75% assuming people believe the tax will be payable annually over the long term. The impact on current real estate values is not just on owners whose primary residence is elsewhere. As such, the value of all NYC residential real estate is going to decline. This will lead to substantially reduced assessed values and lower overall real estate tax collections. And all of the above is before considering capital flight as more wealthy NYers leave the city and the desirability of NYC residential real estate declines. Tell me why I am wrong.
@BillAckman @NYCMayor These are second and third and fourth homes for the really really rich cry me a River
The @NYCMayor Mamdani pied a terre tax (the PAT tax) will likely reduce overall tax revenues for NY and that’s before considering the capital flight it will cause. When a NYC home is burdened with an additional annual tax, the home value will decline by the capitalized value of that new tax. While the PAT tax is set at 5%, it is 5% of the assessed value of the home, which is generally substantially less than its market value. Assessed values are typically a fraction, let’s say 6%-15%, of the market value of a home and/or apartment so economically the PAT tax should be approximately 0.3%-0.75% of the market value of the home. Using a 4% cap rate, a 0.3%-0.75% PAT tax should reduce market values and annual real estate tax collections by 7.5%-18.75% assuming people believe the tax will be payable annually over the long term. The impact on current real estate values is not just on owners whose primary residence is elsewhere. As such, the value of all NYC residential real estate is going to decline. This will lead to substantially reduced assessed values and lower overall real estate tax collections. And all of the above is before considering capital flight as more wealthy NYers leave the city and the desirability of NYC residential real estate declines. Tell me why I am wrong.
Attention NYC pied-a-terre tax complainers. You are either an NYC resident or you are not. If you are an NYC resident, you should be paying NY state & NYC income taxes. If you aren't paying these, you will be paying the pied-a-terre tax. Choose one or the other, or shut up.
JUST IN: U.S. national debt surpasses $40,000,000,000,000 for the first time in history
To the surprise of NYC subway riders, cashless vending machines are starting to pop up at certain stations offering all kinds of drinks and snacks. More: abc7ny.com/post/nyc-cashl…
Got my letter to pay the pied-à-terre surcharge the house our family lives in NYC I guess I'll just go to this website and fill out some exemption paperwork. Should be no problem since we live here full-time and file taxes from here, right?
Baby boomers are sitting on at least $93 trillion in assets, per Visa. That’s more than the total held by Gen X and millennials combined.
Got my letter to pay the pied-à-terre surcharge the house our family lives in NYC I guess I'll just go to this website and fill out some exemption paperwork. Should be no problem since we live here full-time and file taxes from here, right?
If voters in California approve the 5% billionaire wealth tax in November, Mark Zuckerberg would owe $10.5 billion in taxes & healthcare would be saved for 3 million low-income people. Poor Mr. Zuckerberg would only have $200 billion left to feed his family. How will he survive?
