New York has enacted a new annual New York City surcharge on certain high-value residential properties that do not serve as a primary residence, commonly referred to as the pied-à-terre tax. The surcharge applies to covered one- to three-family homes, condominium units, and cooperative apartments, with special valuation rules for co-ops and condos and significant practical questions around primary residence, entity ownership, tenant occupancy, valuation challenges, and co-op/condo administration. The first tax year begins July 1, 2026, the first Department of Finance non-primary-residence notices are due by August 30, 2026, and the first surcharge payment is due January 1, 2027. Owners, boards, and managing agents should begin reviewing DOF market values, ownership structures, occupancy facts, and protest options now. Read more in Ben Williams’ post: “NYC Pied-à-Terre Surcharge is Law: 3 Months to Prepare for the 1st Non-Primary Residence Notice”, and sign up for our July 16th webinar.
If you need more information about the Pied-à-Terre Surcharge, please contact your trusted R&E attorney or Benjamin M. Williams.