pied-à-terre tax

Governor Kathy Hochul today proposed a pied-à-terre tax to support Mayor Zohran Mamdani’s efforts to close New York City’s budget gap. The proposal targets luxury second homes in New York City valued at $5 million or more, allowing the city to levy a yearly tax surcharge aimed at ultrawealthy, non-New York City residents.

Governor Hochul Announces Pied-à-terre Tax Proposal for Luxury Second Homes Valued at $5 Million or More 2026

Thanks to the support of Governor Hochul, we are one step closer to balancing our budget by taxing the ultra-wealthy and global elites with a pied-à-terre tax — the first of its kind in our state.

Mayor Mamdani, Governor Hochul Announce State’s First Pied-à-Terre Tax, Requiring Ultrawealthy and Global Elites to Pay Their Fair Share 2026

The tax on second homes, or pied-à-terre tax, would be a yearly surcharge on any New York City residential property worth $5 million or more that is not the owner’s primary residence.

What Is the Pied-à-Terre Tax? 5 Things to Know About Hochul’s Proposal. 2026