Around 4,800 New Yorkers Apply for Exemptions from Mayor's Pied-à-Terre Tax
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Approximately 4,800 property owners have begun seeking exemptions from New York City's new second-home surcharge, with about 2,000 having completed applications.
New York City officials say roughly 4,800 owners of single-family homes, apartments and condos have started the process of applying for exemptions from the recently enacted pied-à-terre tax, and about 2,000 have already submitted complete applications. The surcharge, introduced by Mayor Zohran Mamdani in late July, targets properties used as part-time residences rather than primary homes and is assessed on the city’s regular property-tax schedule.
The tax imposes a 0.8% surcharge on homes valued between $5 million and $15 million, 1.05% on those between $15 million and $25 million, and 1.3% on properties above $25 million. Condominiums and co-ops face higher rates, ranging from 4% to 6.5% depending on value.
"On Tax Day earlier this year, I promised that we would tax the rich, and with our new pied-à-terre tax, that is exactly what we have done," Mayor Mamdani said when announcing the measure.
"Today is the first step in implementing this tax and collecting critical revenue to fund our parks, schools and libraries. We will diligently implement this law and ensure that we collect what working New Yorkers – and this city – deserve," he added.
The city initially released a list of more than 900,000 properties without clarifying that most would not be subject to the tax. A later update indicated that surcharge notices were sent to about 17,000 properties, and only those owners must apply for an exemption. The deadline to request an exemption, originally set for Aug. 21, has been extended to Sept. 18. Applicants must provide documentation such as recent federal or state tax returns, a driver’s license, voter ID, or other proof of primary residence; tenants must also submit lease agreements and additional rental-related documents.