{"id":105,"date":"2026-05-28T15:10:27","date_gmt":"2026-05-28T15:10:27","guid":{"rendered":"https:\/\/interstatemovingexpertss.com\/?p=105"},"modified":"2026-05-28T15:10:27","modified_gmt":"2026-05-28T15:10:27","slug":"new-york-passes-mamdanis-pied-a-terre-tax-heres-who-pays-and-how-much","status":"publish","type":"post","link":"https:\/\/interstatemovingexpertss.com\/?p=105","title":{"rendered":"New York passes Mamdani’s pied-a-terre tax. Here’s who pays and how much"},"content":{"rendered":"

New York City’s new tax on second homes will more than double property taxes owed by many wealthy luxury apartment owners, according to tax experts.<\/p>

Read more Airlines, hotels warn against Trump admin threat to international flights to \u2018sanctuary cities\u2019<\/a><\/p>

State lawmakers on Wednesday passed the tax on nonprimary residences in order to help close the city’s budget gap. The so-called pied-a-terre tax will be imposed on second homes valued at $1 million or more. It’s expected to raise $500 million in revenue.<\/p>

Details on the tax obtained by CNBC show that the property tax would take effect in two different phases. In the first two years \u2013 the tax years 2026-2027 and 2027-2028 \u2013 condos and co-ops valued at more than $1 million by the city’s Department of Finance will be subject to the tax. Properties worth between $1 million and $3 million will face a 4% annual tax; properties valued at $3 million to $5 million will face a 5.25% tax; and those above $5 million will face a 6.5% tax.<\/p>

While the tax seems large, experts say the city’s antiquated assessment and valuation system dramatically undervalues properties, reducing the burden. City valuations can often be 10% or less of the true market value, they said.<\/p><\/div>

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Rather than overhaul the system immediately, the city will gradually update valuations \u2013 and the tax \u2013 according to the budget documents. Starting in the 2028-2029 tax year, the property values will be based on comparable sales. Since valuations will skyrocket, the tax rates will fall to compensate.<\/p>

After the valuation adjustments, properties worth between $5 million and $15 million will be subject to a tax rate of 0.8%; properties between $15 million and $25 million will be taxed at 1.05%; and properties over $25 million will be taxed at 1.3%, according to the budget plan.<\/p>

“It’s incredibly complicated,” said Robert Pollack, a New York property tax attorney with Marcus and Pollack LLP.<\/p>

Read more More monthly auto loan payments are above $1,000, and most are not for luxury models<\/a><\/p>

Billionaire and Citadel CEO Ken Griffin became the face of the tax after New York City Mayor Zohran Mamdani posted a video in front of Griffin’s penthouse apartment announcing the tax. Griffin fired back, threatening to pull back business and jobs from New York in the future. <\/p><\/div>

\n
\"Ken<\/figure>\n
watch now<\/span><\/div><\/div><\/span><\/div>
VIDEO<\/span>5:13<\/span>05:13<\/span><\/div>
Ken Griffin: We will create jobs in Miami as a consequence of NYC Mayor Mamdani’s wealth tax video<\/div>
The Exchange<\/div><\/div><\/div><\/div><\/div><\/div>

Under the new tax, Griffin \u2014 who is a tax resident of Florida \u2014 would see his Manhattan property tax bill more than triple, according to CNBC calculations. <\/p>

Griffin purchased his 24,000-square-foot penthouse at 220 Central Park South in 2019 for $238 million. However, according to government records, the city values the apartment at just $15.5 million. Griffin’s property tax bill for the 2026-2027 tax year is $858,332, according to city records. <\/p>

In the first two years of the pied-a-terre tax, Griffin’s property tax bill would more than double to $1.87 million, according to Pollack. Starting in the 2028-2029 tax year, it would increase to just under $4 million.<\/p>

Griffin also purchased two apartments at 740 Park Ave. for a total of $83 million, according to reports. The tax on those units would be $1.1 million starting in 2028, bringing his total Manhattan property tax bill for all his properties to more than $5 million.<\/p>

While the city’s politicians say the wealthy can afford it, real estate brokers and tax attorneys say the sticker shock will be significant.<\/p>

“All my clients already feel like they pay too much,” Pollack said. “These numbers are\u00a0significant. I don’t care how wealthy you are.”<\/p>

Read more U.S. sanctions Iran\u2019s Hormuz Strait authority, condemns ballistic missile launch at Kuwait<\/a><\/p><\/div><\/div>","protected":false},"excerpt":{"rendered":"

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