New York’s Tax On Luxury Second Homes Slated For July—New Details Revealed

BreakingBusinessNew York’s Tax On Luxury Second Homes Slated For July—New Details RevealedByAntonio Pequeño IV,Forbes Staff. Pequeño is a breaking news reporter who covers tech and more.Follow AuthorMay 27, 2026, 02:59pm EDTToplineNew York lawmakers are finalizing the state’s budget, which is set to include a pied-à-terre tax that aims to impose levies against secondary single family homes in New York worth $5 million or more, and could go into effect as soon as July 1, according to Bloomberg.New York lawmakers will vote on the tax Wednesday.Photo by Gary Hershorn/Getty ImagesKey FactsNew details about the proposed tax, which has been a flashpoint between Mayor Zohran Mamdani and billionaire Ken Griffin, were originally reported by Bloomberg citing draft legislation.New York’s state legislature will vote on the measure Wednesday. Under the proposal, second co-ops and condos with a market value of $1 million or more would be taxed between 4% and 6.5% during the first two years of the tax being rolled out, according to multiple reports.A 0.8% to 1.3% surcharge would be paid by secondary single family homes with market values of $5 million or more, Bloomberg added.Following the first two years of the tax’s rollout, a uniform tax rate would be placed across all single family homes, co-ops and condos—with a 0.8% rate paid by homes worth $5 million to $15 million, a 1.05% rate paid by homes worth $15 million to $25 million and a 1.3% rate paid by homes worth $25 million. if (!window.cnxel) { window.cnxel = {}; window.cnxel.cmd = []; var iframe = document.createElement('iframe'); iframe.style.display = 'none'; iframe.onload = function() { var iframeDoc = iframe.contentWindow.document; var script = iframeDoc.createElement('script'); script.src = '//cd.elements.video/player.js?cid=62cec241-7d09-4462-afc2-f72f8d8ef40a'; script.setAttribute('defer', '1'); script.setAttribute('type', 'text/javascript'); iframeDoc.body.appendChild(script); }; document.head.appendChild(iframe); c...