> While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said.
You have described an investment property, not an unoccupied second home exposed to the pied-a-terre tax, if you rent it out (whether mortgaged or free and clear).
Read the fine article?
> While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said.
You have described an investment property, not an unoccupied second home exposed to the pied-a-terre tax, if you rent it out (whether mortgaged or free and clear).
What they also have described is a dacha.