Tax Alert: New York State Enacts Pied-à-Terre Tax for Second Homes in New York City
Overview New York State has enacted a new pied-à-terre tax (surcharge) on certain high-value New York City homes (“covered properties”) NOT used as a primary residence. “Covered properties” include Class 1 homes (one-, two-, and three-family homes) and Class 2 homes (residential condominiums and cooperatives (co-ops)). The surcharge takes effect on July 1, 2026. It…