The record
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- New York City's new pied-à-terre tax on high-value second homes could apply to more than 31,000 properties, far above the roughly 10,000 estimated when the measure was approved, according to a preliminary list published by the city's Department of Finance.
- The surcharge, included in New York state's $277 billion budget and championed by Governor Kathy Hochul, is expected to raise about $500 million annually to help Mayor Zohran Mamdani reduce the city's budget deficit.
- The levy applies in phases, starting with rates of 0.8% to 1.3% on single-family homes valued at $5 million or more and 4% to 6.5% on condos and co-ops worth at least $1 million, before a revised valuation system takes effect on July 1, 2028.
- Officials stress the list is preliminary and many properties could be removed through appeals, while real estate industry figures warn the tax could dampen luxury home demand and prompt some owners to sell.
What to watch next
- Property owners have 30 days after formal notice to challenge the surcharge, and the final list of taxable homes is due on December 31.
- Tax bills are expected to go out by August 30, showing how many owners ultimately pay.
- Whether appeals and legal challenges cut into the projected $500 million in annual revenue, as industry representatives have questioned.
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Named United States · New York City · Real estate industry · Bloomberg · Kathy Hochul · New York City Finance Department · New York State · Zohran Mamdani
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