United States: Property Taxes

Recent tax developments include New York City's new property tax surcharge on high-value pied-à-terre homes and potential changes to IRS Form 1040 that would require disclosure of citizenship status and dual citizenship. These policy shifts reflect growing efforts to address tax equity in luxury real estate markets and enhance transparency in tax reporting for individuals with complex international ties.

Selling a Florida condo, an Arizona vacation home or a New York rental as a Canadian? Before the closing wires hit your account, the IRS may already have 15 percent of the gross sale price.

New York State's legislature is set to approve a groundbreaking annual tax on second homes in New York City valued over $5 million, marking a significant shift in how jurisdictions target wealth tied to real property. The pied-à-terre tax, expected to generate approximately $500 million annually starting July 1, 2026, will affect an estimated 10,000 properties owned by nonresidents who maintain luxury residences in the city.

A provision in the One Big Beautiful Bill Act created a narrow window for eligible small businesses to retroactively recover R&D costs amortized under Section 174 for tax years 2022-2024.

The Town of Huntington is reportedly considering a policy that would require developers receiving Payment in Lieu of Taxes (“PILOT”) benefits to make additional contributions intended to offset perceived impacts...

On Sunday, May 3, 2026, the Iowa Legislature approved one of the most significant overhauls of Iowa’s property tax and local government finance system in the state’s history.

As we approach April Fools' Day 2026, commercial property owners in Nassau County are faced with a much less entertaining deadline on April 1st – the requirement to submit their Annual Statement...

New York enacted legislation on Dec. 5, 2025 that allows taxing jurisdictions throughout the State of New York to offer an expanded real property tax exemption to persons over the age of 65.

The Tax Cuts and Jobs Act of 2017 designates certain low-income community population census tracts as qualified opportunity zones and creates tax incentives for those with capital gains...