Tax Alert: NYC Adopts Final Regulation and Issues Interpretive Policies on the Pied-à-Terre Tax
What the Department of Finance’s newly adopted rules—19 RCNY Chapter 62—mean for owners of high-value New York City second homes. Overview On May 28, 2026, New York State enacted a surcharge—commonly called the “pied-à-terre tax”—on Class 1 homes valued at $5 million and Class 2 homes (i.e., condominiums and cooperative residences (“co-ops”)) valued at $1…
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