The New York governor has proposed a pied-à-terre tax to support the New York City mayor’s efforts to close the city’s budget gap: https://www.governor.ny.gov/news/governor-hochul-announces-pied-terre-tax-proposal-luxury-second-homes-valued-5-million-or-more
Details are starting to emerge: https://www.nytimes.com/2026/04/17/nyregion/second-home-tax.html
In the meantime, consider a tax that starts at 0.5% of assessed value over $5 million and rises to 4% of assessed value over $25 million, as in this 2019 proposal: https://www.nysenate.gov/legislation/bills/2019/S44/amendment/original
An annual property tax surcharge on second homes in New York City valued at $5 million or more would raise annual revenues of at least $500 million for the city over the next five years.
An annual property tax surcharge on second homes in New York City valued at $5 million or more would lead to a substantial exodus of businesses and high-net-worth individuals from the city over the next five years.
An annual property tax surcharge on second homes in New York City valued at $5 million or more would make housing substantially more affordable for ordinary New Yorkers over the next five years.
