New York’s Tax On Luxury Second Homes Slated For July—New Details Revealed
New York is set to introduce a pied-à-terre tax targeting luxury second homes valued at $5 million or more, with implementation expected by July 1. The tax aims to levy charges on secondary residences, with rates varying based on property value. Exemptions will apply for full-time residents and certain family-occupied properties.
- ▪The proposed tax will impose levies on secondary single family homes worth $5 million or more.
- ▪The state legislature is scheduled to vote on the measure on Wednesday.
- ▪Tax rates for second co-ops and condos will range from 4% to 6.5% during the initial two years.
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BreakingBusinessNew York’s Tax On Luxury Second Homes Slated For July—New Details RevealedByAntonio Pequeño IV,Forbes Staff. Pequeño is a breaking news reporter who covers tech and more.Follow AuthorMay 27, 2026, 02:59pm EDTToplineNew York lawmakers are finalizing the state’s budget, which is set to include a pied-à-terre tax that aims to impose levies against secondary single family homes in New York worth $5 million or more, and could go into effect as soon as July 1, according to Bloomberg.New York lawmakers will vote on the tax Wednesday.Photo by Gary Hershorn/Getty ImagesKey FactsNew details about the proposed tax, which has been a flashpoint between Mayor Zohran Mamdani and billionaire Ken Griffin, were originally reported by Bloomberg citing draft legislation.New York’s state…
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