05/15/2026
Gov. Kathy Hochul on Thursday revealed new details on how her administration would plan to roll out the contentious pied-à-terre tax, favoring an approach that would initially tax condos and co-ops with an assessed value of $1 million or more.
The proposed tax would apply to pricey second homes. For the first two years, it would impose a 4% levy on condos and co-ops valued between $1 million and $3 million, while those valued between $3 million and $5 million would be hit with a 5.25% surcharge, and those valued at $5 million or more would pay 6.5%.
These temporary thresholds are based on the fact that properties assessed by the city’s Department of Finance at $1 million generally have a sales value of $5 million, according to the governor’s office.
Those limits would change if and when the city reforms how it assesses these properties, an issue that has been central to a decades-long fight over the city’s controversial property tax system. The governor’s office indicated that the city would change this valuation system within two years.
As for one- to three-family homes, the tax would apply to those with an assessed market value of $5 million or more. For properties valued between $5 million and $15 million, the rate would be .8%; for those between $15 million and $25 million, 1.05%; and for properties worth more than $25 million, 1.3%.
Read more here: https://www.crainsnewyork.com/politics-policy/cny-hochul-budget-pied-a-terre-20260514/?utm_source=facebook&utm_medium=soc-own
