on November 11, 2026, 19:17, in reply to "I don't mean to disagree, but that's a property tax change, not a wealth tax*"
How the Pied-à-Terre Tax Works
• Who it targets: Owners of residential properties valued over $5 million (or co-ops/condos valued at $1 million or more in assessed value) where the property is not the owner's primary residence and is not leased to a full-time tenant.
• Exemptions: Full-time tenants, immediate family primary residences, and permanent NYC residents using the home as their primary domicile are exempt.
• Phase One (Through mid-2028):
• Condos and co-ops valued at $1 million or more face steep annual surcharges ranging from 4% to 6.5%.
• 1-to-3 family secondary homes valued over $5 million face rates of 0.8% to 1.3%.
• Phase Two (2028–2031): Market-value-based rates transition to 0.8% ($5M–$15M), 1.05% (>$15M–$25M), and 1.3% (>$25M) for all covered properties.
• Goal: The policy—pushed by Mayor Zohran Mamdani and Governor Kathy Hochul—aims to raise roughly $500 million annually from wealthy non-residents who store wealth in NYC real estate without living there full-time.
"yeah but you live down where the hoot owls eff the chickens" - illinihiltopper23
