The Pied-à-Terre Tax: What New York City Property Owners Need to Know
On July 1, 2026, New York City began enforcing the state’s first pied-à-terre tax, an annual surcharge on residential property that does not serve as an owner’s primary residence. The measure had been proposed by successive administrations for more than a decade before finally pas sing this year, and it now applies broadly enough that many owners of second homes, and any trust or LLC that holds one, need to understand where they stand. Who the Tax Applies To One- to three-family homes...