New York City extends luxury second-home tax exemption deadline

pied-à-terre tax luxury real estate tax property tax exemption New York City budget second-home surcharge

New York City Mayor Zohran Mamdani has extended the deadline for property owners to apply for exemptions from the newly introduced luxury pied-à-terre tax. The new deadline is September 18, providing a four-week extension from the original August 21 cutoff.

The tax targets non-primary residences, specifically properties valued over $5 million or qualifying co-ops and condominiums worth more than $1 million. The city administration expects the surcharge to generate approximately $500 million in annual revenue to help address a projected $2.2 billion budget deficit for the 2026 fiscal year.

Parallel to the deadline extension, the administration faces legal challenges. Three New York residents have filed a lawsuit against Mayor Mamdani, alleging that the rollout was mismanaged and caused