New York

Mayor Zohran Mamdani defended the rollout of a new tax on highly valued second homes in New York City, saying only property owners who receive a letter from city officials will be impacted by the levy.

A windfall in corporate profits for the largest banks has led to billions in extra tax revenue for New York City, shrinking the city's budget shortfalls.

Frustrated real estate lawyers are pleading with New York City officials for more details on how a new tax on luxury second homes is going to work.

UHY has added RBT CPAs LLP, expanding the Michigan-based Top 50 Firm's presence to New York's Hudson Valley and bolstering its wealth management practice.

The super wealthy are accustomed to finding ways to shrink their tax bills. But with New York City's new levy, many are learning they might just have to pony up.

The so-called pied-à-terre tax is expected to take effect July 1 this year and would affect roughly 10,000 single family homes, coops and condominiums citywide.

JPMorgan Chase & Co. Chief Executive Jamie Dimon criticized plans by New York's left-leaning mayor Zohran Mamdani to slap more taxes on the rich, arguing the move risks doing further damage to the city's status as a business hub.

The New York City mayor held individual meetings with Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon, amid flurry of recent tax proposals.

The proposed tax would be levied at 1% of the purchase price and would be paid by the buyer.

For a small number of New Yorkers who own luxury second homes in the city, the prospect of seeing their property tax rates go up is still alive.

New York City Mayor Zohran Mamdani has ditched his plan to raise New Yorkers' property taxes, an unpopular measure he threatened to use to help close a deficit.

New York Governor Kathy Hochul is planning to participate in President Donald Trump's controversial federal school choice program.

New York officials are trying to give shape to the pied-à-terre tax proposed by Governor Kathy Hochul, with significant questions still unresolved.

Governor Kathy Hochul and state lawmakers settled on a pied-à-terre levy aimed at high earners who don't call the city home.

New York City's risk of seeing a credit-rating downgrade has increased, according to JPMorgan Chase & Co. strategists.

Luxury second homes in New York will have to be taxed far more to generate the revenue the city is counting on to help close a gaping budget hole.

The mayor is delaying the city's $127 billion budget as he pressures the state to limit a pass-through entity tax credit used by financial businesses.

New York City Mayor Zohran Mamdani insisted his push for a new tax on pricey second homes isn't "motivated by any one individual."

President Trump assailed New York Mayor Zohran Mamdani, warning that his push to ramp up taxes on the wealthy would be destructive to the nation's largest city.

Governor Kathy Hochul and New York City Mayor Zohran Mamdani have finally found a tax to agree on. Getting everyone else on board stands to be more complicated.