Source: Fox News
Summary
New York City Mayor Zohran Mamdani has extended the deadline for homeowners to apply for an exemption from the new pied-à-terre tax. The original deadline was August 21, but homeowners now have until September 18 to apply. The tax, which went into effect on July 1, imposes an annual surcharge on high-value homes worth over $5 million that are not the owner’s primary residence. The extension was necessary due to confusion among homeowners who received notices from the Department of Finance.
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As expected, the matter has reached another stage.
The deadline for exemption applications has been extended, and the city’s finance department has updated its webpage to clarify the process. Mayor Mamdani announced the tax in April, targeting high-value second-home owners like hedge fund manager Ken Griffin. The tax has been met with objections from real-estate and business leaders, who warn it could drive investment out of the city. Despite this, the tax will apply to secondary residences worth over $5 million during the 2026-27 and 2027-28 property-tax years. The extension has given homeowners more time to prove their home is their primary residence, exempting them from the tax.
It’s now clearer that not every property listed in the roll will be subject to the surcharge.
Author: Evan Null
