NYC's $40,000 Luxury Tax SHOCK! Who Pays—and How to Fight It | Nicholas Montorio cover art

NYC's $40,000 Luxury Tax SHOCK! Who Pays—and How to Fight It | Nicholas Montorio

NYC's $40,000 Luxury Tax SHOCK! Who Pays—and How to Fight It | Nicholas Montorio

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A $40,000 surprise tax bill. Multimillion-dollar Manhattan apartments. Angry homeowners. And a legal battle that could change everything.New York City's new pied-à-terre tax is creating serious financial headaches for owners of luxury second homes. But could some property owners face enormous tax bills because of how a previous owner used their property?On this episode of The Money Path, host Todd M. Schoenberger, President and CEO of CrossCheck Media Inc., welcomes Nicholas Montorio, Partner, State and Local Tax at EisnerAmper, for an eye-opening discussion about New York City's controversial luxury property surcharge, the exemptions available to homeowners, and the legal challenges that could determine its future.Montorio, a tax professional with approximately 18 years of experience, explains why the new rules are confusing even sophisticated real estate investors—and why seemingly minor decisions about property ownership, residency and closing dates could cost tens of thousands of dollars.INSIDE THIS EPISODETHE $40,000 LUXURY TAX SHOCKWho actually pays the new surcharge? Montorio breaks down how a $5 million property could generate an additional $40,000 tax bill and why condos, co-ops and single-family homes are assessed differently.BOUGHT BEFORE THE LAW PASSED? YOU COULD STILL OWESome homeowners purchased properties before the law was enacted, only to discover that their tax liability could depend on how the previous owner used the residence. Montorio explains why these buyers may face an unexpected financial burden.CAN HOMEOWNERS LEGALLY AVOID THE SURCHARGE?From challenging property valuations to qualifying for residency or tenancy exemptions, Montorio outlines strategies property owners should evaluate—and why the documentation matters.LLCs, TRUSTS AND THE HIDDEN TAX TRAPDoes holding a Manhattan apartment through an LLC or family trust protect an owner? Montorio explains why complex ownership structures can actually make claiming an exemption more difficult.THE JANUARY 5 DEADLINE THAT COULD COST YOU THOUSANDSTiming matters. Montorio discusses why January 5, 2027, is a critical date for property owners, how selling before that date could change the tax outcome, and why waiting too long may prove expensive.WILL NEW YORK'S WEALTHY HOMEOWNERS LEAVE?Could the surcharge push high-net-worth property owners out of Manhattan, damage luxury real estate values, or generate less revenue than anticipated? Montorio separates speculation from what he's actually seeing among clients.THE LEGAL BATTLE: WHAT HAPPENS OCTOBER 28?A pending court challenge could shape the future of the surcharge. Montorio explains the significance of the October 28 hearing and why the controversy may continue well into 2027.THE BIG QUESTIONIs New York City's new luxury property tax a smart revenue strategy—or an expensive mistake that could reshape Manhattan's real estate market?Watch this episode of The Money Path for expert insight into the financial risks, legal complexities and potential strategies facing New York City property owners.FEATURED EXPERT: Nicholas Montorio — Partner, State and Local Tax, EisnerAmperHOST: Todd M. Schoenberger — President and CEO, CrossCheck Media Inc.NETWORK: Biz Talk Today TVORIGINAL BROADCAST: Friday, October 16, 2026Subscribe to Biz Talk Today TV for expert conversations covering Wall Street, business, taxation, investing and the economic policies affecting Americans.🌐 Website: https://biztalktodaytv.com📧 Contact: support@biztalktodaytv.com📢 Disclaimer: The views and opinions expressed on this program are those of the hosts and guests and do not necessarily reflect the official policy or position of CrossCheck Media Inc., Biz Talk Today TV (BTT), or their affiliated entities and distribution partners. Content produced by CrossCheck Media across video, audio, and digital platforms is provided for informational and educational purposes only. Nothing presented should be construed as financial, investment, legal, tax, or gambling advice, nor as a recommendation to buy or sell any security, asset, wager, or strategy. All investments and wagers involve risk, including the possible loss of principal or money placed on a bet. Past performance and statistical analysis are not indicative of future results. Viewers and readers are solely responsible for their financial and wagering decisions and should conduct their own due diligence and consult with qualified professionals where appropriate. Sports betting commentary is for informational and entertainment purposes only. Participants must comply with applicable laws and age requirements in their jurisdiction. #NicholasMontorio #EisnerAmper #TheMoneyPath #BizTalkTodayTV #ToddSchoenberger #NYCPropertyTax #ManhattanRealEstate #LuxuryRealEstate #PropertyTaxes #TaxPlanning #WealthManagement #RealEstateInvesting #NewYorkCity #HighNetWorth #TaxStrategySee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19....
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