{"id":95,"date":"2026-05-27T19:13:11","date_gmt":"2026-05-27T19:13:11","guid":{"rendered":"https:\/\/coasttocoastmoverss.com\/?p=95"},"modified":"2026-05-27T19:13:11","modified_gmt":"2026-05-27T19:13:11","slug":"new-yorks-tax-on-luxury-second-homes-slated-for-july-new-details-revealed","status":"publish","type":"post","link":"https:\/\/coasttocoastmoverss.com\/?p=95","title":{"rendered":"New York\u2019s Tax On Luxury Second Homes Slated For July\u2014New Details Revealed"},"content":{"rendered":"
\n

Tax Exemptions<\/h2>\n

Property owners included in the pied-\u00e0-terre tax will be notified by Aug. 30, Bloomberg reported, adding owners will be able to contest their inclusion and that New Yorkers who mainly live in the city will be exempt as lawmakers have framed the tax as a way to target property owners who are not full-time New York City residents. Exemptions also include properties occupied by immediate family members of the property owners and properties leased out as rental units.<\/p>\n

Read more Pam Bondi Confirms Thyroid Cancer Diagnosis After Leaving DOJ<\/a><\/p>\n

The Difference Between Market Value And Assessed Sales Value<\/h2>\n

The market value for a property is the estimated value it would sell for in the real estate market, while assessed value is a valuation determined by a local tax assessor to calculate annual property taxes. New York Gov. Kathy Hochul\u2019s office has claimed a $1 million market value is equal to sales value of about $5 million, The New York Times reported, though it found the difference between those values is usually more pronounced than what the governor has said, noting a Midtown Manhattan penthouse with a $4.2 million market value this year sold in 2024 for over $135 million.<\/p>\n

Tangent<\/h2>\n

A first-of-its-kind 1% tax on homes worth more than $1 million that are purchased with cash was floated by lawmakers earlier this month but was not included in the draft legislation reported by Bloomberg.<\/p>\n

<\/div>\n

Key Background<\/h2>\n

New York City Mayor Zohran Mamdani announced the pied-\u00e0-terre tax last month in a video recorded outside hedge fund billionaire Ken Griffin\u2019s New York City penthouse. The mayor said the tax would target, \u201cThose who store their wealth in New York City real estate, but who don\u2019t actually live here.\u201d Mamdani also proposed a 9.5% property tax hike that he later nixed amid backlash from homeowners and the city council, placing his focus on the pied-\u00e0-terre tax that has garnered backing from Hochul, who estimates the measure will raise $500 million. President Donald Trump and Griffin, whose estimated net worth is $50.7 billion, blasted Mamdani this month over the pied-\u00e0-terre tax. Griffin said the measure might put a $6 billion expansion in New York City spearheaded by his hedge fund in jeopardy, with Trump saying losing \u201cpeople like Ken\u2026 would be a big loss for New York.\u201d<\/p>\n

Read more Trump Planning To Attend Knicks NBA Finals Game In New York<\/a><\/p>\n

Further Reading<\/h2>\n

Trump Suddenly Blasts Mamdani Over Pied-\u00c0-Terre Tax\u2014A Surcharge On $5 Million Secondary Homes (Forbes)<\/p>\n

Trump Warns Mamdani Over Property Tax Hikes\u2014Amid Mayor\u2019s Spat With Billionaire Ken Griffin (Forbes)<\/p>\n

Ken Griffin\u2019s Citadel Suggests $6 Billion NYC Project May Be At Risk Over Mamdani Tax (Forbes)<\/p>\n

Read more New York And New Jersey Announce FIFA Ticket Pricing Scheme Probe<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New York lawmakers are close to finalizing the tax on secondary homes.<\/p>\n","protected":false},"author":1,"featured_media":94,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-95","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nNew York\u2019s Tax On Luxury Second Homes Slated For July\u2014New Details Revealed - Coast to Coast Movers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coasttocoastmoverss.com\/?p=95\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York\u2019s Tax On Luxury Second Homes Slated For July\u2014New Details Revealed - Coast to Coast Movers\" \/>\n<meta property=\"og:description\" content=\"New York lawmakers are close to finalizing the tax on secondary homes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coasttocoastmoverss.com\/?p=95\" \/>\n<meta property=\"og:site_name\" content=\"Coast to Coast Movers\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-27T19:13:11+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/#\\\/schema\\\/person\\\/266a8d2ebdac9f8b4354d52dead7fa6b\"},\"headline\":\"New York\u2019s Tax On Luxury Second Homes Slated For July\u2014New Details Revealed\",\"datePublished\":\"2026-05-27T19:13:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95\"},\"wordCount\":469,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/b6602e20ffda497a5adf653f043f7524.webp\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95\",\"url\":\"https:\\\/\\\/coasttocoastmoverss.com\\\/?p=95\",\"name\":\"New York\u2019s Tax On Luxury Second Homes Slated For July\u2014New Details Revealed - 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