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Realtors fighting tax on rich absentee owners

Proposed measure would raise US$665m every year with surcharge on properties valued at over US$5m

Published Wed, Oct 15, 2014 · 09:50 PM
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New York

A POLITICAL battle is brewing at the apex of New York's property market.

The real estate industry is mobilising to kill a proposed levy on non-resident owners of apartments valued at more than US$5 million, seeking to ensure the world's biggest city doesn't follow London, Hong Kong and Singapore in extracting extra cash from trophy properties.

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