12:42 - 24.04.2026

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April 24, Fineko/abc.az. The New York authorities propose to impose an annual tax on suburban real estate worth over $5 million if it is used irregularly.

ABC.AZ informs that the initiative of Mayor Zohran Mamdani and State Governor Kathy Hochul is aimed at owners whose main residence is outside the city. It is estimated that the measure can bring in approx. $500 million a year.

Some experts believe that the tax can stimulate the sale of some properties, which will further increase budget revenues through real estate transactions.