NYC Second-Home Tax to Use ‘Market Value’ as Hochul Seeks Fix

New York Governor Kathy Hochul provided details of how she plans to implement a tax on second homes in New York City, almost a month after surprising lawmakers and city residents with the measure.

The governor is proposing a short-term plan for taxing co-ops and condos until the city is able to develop a new valuation system, according to a person with knowledge of the situation, who asked not to be named discussing ongoing deliberations.

She’s currently negotiating with state lawmakers to pass a $268 billion budget that’s already six weeks late. Hochul has said she intends to raise ...