It’s hard to believe it’s almost July here in our favorite city! With new beginnings this sumer also comes some new laws for the region that New Yorkers should know about. Here’s what to keep an eye out for as we enter the first full month of summer.
1. The New York City “Pied-à-Terre” Tax (Phase 1)
Effective Date: July 1, 2026
Out-of-towners with expensive secondary homes in the five boroughs are about to get hit with a brand-new state tax surcharge.
What that means in plain English: If you own a luxury second home in NYC that isn’t your primary residence, you’ll likely face an extra tax bill. The law targets high-value, non-primary residences to help close the city’s structural budget gap.
- One-to-Three Family Homes: Properties with a five-year average market value of $5 million or more will face an additional tax ranging from 0.5% to 4% on the value exceeding $5 million.
- Condos & Co-ops: Units with an assessed value of $300,000 or more will face an additional tax ranging from 10% to 13.5% on the assessed value above that threshold.
Who is exempt? Primary residences, properties rented out year-round to an NYC primary resident, homes occupied by a parent or child of the owner, and condos/co-ops appraised at under $5 million over the past three years.
2. Protections Against ‘Wrongful Deactivation’ for NYC Rideshare Drivers
Effective Date: July 28, 2026…