A New Tax on Second Homes: Understanding New York City’s Pied-à-Terre Surcharge
New York City has enacted a new "pied-à-terre" surcharge on high-value second homes, effective July 1, 2026, and set to sunset on June 30, 2031. This graduated tax targets properties not used as primary residences, with rates varying based on property type and value, and includes a "look-through" ownership approach to prevent avoidance. Property owners should review their residency classifications and documentation, as the Department of Finance will determine applicability and has extensive audit and penalty powers.
https://www.cbiz.com/insights/article/a-new-tax-on-second-homes-understanding-new-york-citys-pied-a-terre-surcharge