New York City started sending out letters to tens of thousands of property owners who may have to pay the new tax on second homes next year – known as the non-primary residence tax, or pied-à-terre tax, for properties valued at $5 million or more.
The tax was a key part of Albany’s help to close the city’s budget gap as well as satisfying Mayor Zohran Mamdani’s push to raise taxes on the wealthy.
What You Need To Know
- New York City started sending out letters to tens of thousands of property owners who may have to pay the new tax on second homes next year – known as the non-primary residence tax, or pied-à-terre tax, for properties valued at $5 million or more
- The tax was a key part of Albany’s help to close the city’s budget gap as well as satisfying Mayor Zohran Mamdani’s push to raise taxes on the wealthy
- The second home tax would apply to properties assessed at $5 million or more owned by non-primary city residents
In a cheeky social media post, Mamdani sent a message to some property owners: check your mail…