Pied-à-terre tax in New York: Upstate expansion, NYC revenues, and the budget
New York state leaders are debating a 'pied-à-terre' tax on second homes worth over $5 million, with Governor Kathy Hochul and NYC Mayor supporting it. The tax is projected to raise $500 million annually, but a report by NYC Comptroller Mark Levine estimates actual revenue will be between $340 and $380 million.
New York state leaders are debating a 'pied-à-terre' tax on second homes worth over $5 million. Governor Kathy Hochul and NYC Mayor Zohran Mamdani support the tax, which they project will raise $500 million annually and affect 13,000 properties. However, NYC Comptroller Mark Levine's report estimates actual revenue will be between $340 and $380 million, with only 11,200 properties qualifying. The tax targets owners who do not live in the homes full-time, with an annual surcharge. Different rules apply to one-to-three-family houses and luxury condos/co-ops, with the latter having a lower threshold of $300,000 due to assessment rules. Owners may avoid the tax by changing their accounting methods or finding loopholes.
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