NYC’s New Pied-à-Terre Tax Is Here: Could Your Property Be Affected?
New York City has long attracted wealthy buyers who purchase high-value apartments they visit only occasionally. That era of low carrying costs is over.
On May 28, 2026, Governor Kathy Hochul signed the NY State FY2027 Budget Act, enacting the first-ever pied-à-terre tax in New York State history. The annual surcharge targets high-value NYC residential properties that are not the owner’s primary residence. It takes effect July 1, 2026, applies to an estimated 10,000 properties, and is projected to generate $500 million per year for the city.
This is not a proposal. It is the law – and it demands your immediate attention.
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