New York City extends pied-à-terre tax exemption deadline

pied-à-terre tax New York City property tax exemption Department of Finance luxury real estate tax

The New York City administration has extended the deadline for property owners to apply for a pied-à-terre tax exemption to October 6. This marks the second extension for the deadline, which was previously moved from late August to September 18 following public backlash regarding the tax rollout.

In recent court filings, the Department of Finance admitted to erroneously sending tax warning notices to at least 1,210 addresses that are actually primary residences rather than luxury second homes. The surcharge is intended for unoccupied, non-primary residences, including one- to three-family homes valued at $5 million or more, and co-ops or condos valued at $1 million or more.

As of Tuesday, approximately 11,000 people have started exemption applications, with 5,500 appeals submitted and 2,900 granted. The tax was established by state law approved by Governor Kathy Hochul and went into effect last month.

Entities

Department of Finance · Kathy Hochul · New York City

Sources

Mamdani stubbornly insists pied-à-terre tax will raise $500M — even as NYC winnows number of properties getting hit [offthepress.com]

18 days ago

City defends pied-à-terre tax rollout amid lawsuit, extends deadline [abc7ny.com]

18 days ago

Rich New Yorkers trying to dodge the new tax on second homes slam into a harsh reality [www.businessinsider.com]

18 days ago

Mamdani extends pied-à-terre tax exemption deadline — while admitting 1,200 New Yorkers were notified by mistake [nypost.com]

19 days ago