Real Estate The pied-à-terre tax: what owners should know now New York's first pied-à-terre tax took effect July 1, 2026. It is an annual surcharge on New York City homes worth more than $5 million that are not the owner's primary residence. Exemptions cover homes used as the primary residence of an owner, or of The pied-à-terre tax: what owners should know now New York's first pied-à-terre tax took effect July 1, 2026. It is an annual surcharge on New York City homes worth more than $5 million that are not the owner's primary residence. Exemptions cover homes used as the primary residence of an owner, or of an owner's parent or child, and units rented to a full-time city resident. The rollout has been contested. In September, a Staten Island court ordered the city to redo its process for identifying who owes the tax. The city appealed and is moving ahead in the meantime, and separate lawsuits challenge whether the tax is constitutional. The surcharge is expected to appear on January property tax bills. If you own a high-value home in the city, or are thinking of buying one:
Summary
- Real Estate The pied-à-terre tax: what owners should know now New York’s first pied-à-terre tax took effect July 1, 2026.
- Exemptions cover homes used as the primary residence of an owner, or of an owner’s parent or child, and units rented to a full-time city resident.
- In September, a Staten Island court ordered the city to redo its process for identifying who owes the tax.
- The city appealed and is moving ahead in the meantime, and separate lawsuits challenge whether the tax is constitutional.
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