New York City Mayor Zohran Mamdani has extended the deadline for homeowners to apply for exemptions from the city's new pied-à-terre tax. The previous deadline of Aug. 21 has been pushed to Sept. 18, according to City Hall.
This extension applies to homeowners who received notices from the Department of Finance (DOF) stating they "may be subject to..." the tax. The pied-à-terre tax, passed by the New York State Legislature in May and signed into law by Gov. Kathy Hochul on May 28, imposes an annual surcharge on certain high-value New York City homes valued at over $5 million that are not the owner's primary residence. Individual condo and co-op units valued at $1 million or more are also subject to the tax.
The DOF stated that the extended deadline is intended to provide homeowners with additional time to demonstrate that their property is their primary residence, thereby qualifying for an exemption.
The tax implementation faced confusion earlier in July when the city published a "supplemental market value roll" containing over 900,000 properties. Many of these properties are not subject to the tax, leading to initial uncertainty. A disclaimer was later added to the city's website clarifying that only property owners who received a specific notification by mail from the DOF are required to take further action.
As of Saturday, the DOF confirmed that surcharge letters were only sent to 17,000 homeowners, who are the only ones who need to submit an exemption application. Mamdani first announced the new tax on April 15, Tax Day, in a video filmed outside the Manhattan penthouse of hedge fund manager Ken Griffin. Griffin was specifically named as an example of a wealthy owner of a secondary home who would be affected by the levy.
Despite warnings from real estate and business leaders that the tax could negatively impact investment in the city, state lawmakers approved it as part of the state budget. The tax will be applied during the 2026-27 and 2027-28 property-tax years.