A major court ruling has paused New York City’s pied-à-terre tax rollout. Citing "mass confusion," a judge ordered the Department of Finance to scrap its current property list and restart the notification process with clearer criteria.
While the tax—which impacts secondary residences including condos and co-ops valued at $1M+ and 1-3 family homes at $5M+—remains on the books for now, the city is appealing the order. Meanwhile, new litigation is emerging to challenge the constitutionality of the surcharge altogether.
We are tracking these developments closely. If you have questions about how this ruling affects your property or your next purchase, please reach out.
