New York City Mayor Zohran Mamdani has extended the deadline for homeowners to apply for an exemption from the newly implemented pied-à-terre tax. Homeowners now have until September 18 to submit their applications, an extension from the previous deadline of August 21. This tax, which took effect on July 1, applies to high-value properties worth over $5 million that are not the owner's primary residence. The extension is aimed at allowing homeowners more time to demonstrate that their property is their primary residence, thus exempting them from the tax.
City officials noted that the extension applies to those who received notifications from the Department of Finance indicating they may be subject to the tax. There was initial confusion among homeowners due to a list published by the city on July 24, which included over 900,000 properties without clarifying that most would not be subject to the tax. The Department of Finance later updated its webpage to clarify that only property owners who received a notification by mail are required to take further action regarding the exemption.
The pied-à-terre tax was passed by the New York State Legislature in May and is set to apply during the 2026-27 and 2027-28 property tax years. It targets secondary residences valued at over $5 million, as well as individual condo and co-op units valued at $1 million or more.