RESOLVING THE LEDGER
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See the full story · 4 sourcesMayor Zohran Mamdani has given homeowners in New York City an additional month to apply to be exempt from his new pied-à-terre tax, which went into effect on July 1.
Homeowners across the five boroughs who believe they should qualify for an exemption now have until Sept. 18 to apply for one, according to City Hall. The previous deadline was Aug. 21.
The extended deadline, city officials said, applies to anyone who received notices from the Department of Finance (DOF) with the phrase "You may be subject to..."
The pied-à-terre tax, passed by the New York State Legislature in May, imposes an annual surcharge on certain high-value New York City homes worth more than $5 million that are not the owner's primary residence.
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The city's finance department said the extension was necessary to give homeowners more time to prove that their home is in fact their primary residence, which would mean the tax would not apply to them.
Some homeowners were initially confused because on July 24, the city published a list of more than 900,000 properties in a "supplemental market value roll" without explaining that the vast majority of them would not be getting hit with the pied-à-terre tax.
"This roll includes, but is not limited to, those properties that may be subject to the surcharge," according to a city webpage archived on Monday.
On Thursday, the webpage was updated with the following disclaimer: "Not every property or unit listed in the roll will be subject to the surcharge. Only property owners to whom DOF sent a notification by mail are required to take further action."
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On Saturday, the same webpage was updated once again , clarifying that the DOF had only sent surcharge letters to 17,000 homeowners, and that only those people should concern themselves with sending an exemption application to the city.
Fox News Digital reached out to Mamdani's office for comment.
Mamdani announced the new levy on April 15 — Tax Day — in a controversial video filmed outside Ken Griffin’s $238 million penthouse on Billionaires’ Row, singling out the hedge fund manager by name as an example of the wealthy second-home owners the tax would target.
Griffin later described the video as "creepy and weird" during a discussion at the Milken Institute Global Conference on May 6. He said he watched it three times.
Despite objections from real-estate and business leaders who warned that the tax could drive investment out of the city , state lawmakers approved it as part of the budget, which Democratic Gov. Kathy Hochul signed into law on May 28.
The tax will apply during the 2026-27 and 2027-28 property-tax years to secondary residences — including one-, two- and three-family properties — worth more than $5 million.
Individual condo units and co-op units will be taxed if they are valued at $1 million or more.
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