New York City Publishes 100,000-Plus Homes for New $5 Million Second-Home Tax
Updated
Updated · Forbes · Jul 31
New York City Publishes 100,000-Plus Homes for New $5 Million Second-Home Tax
2 articles · Updated · Forbes · Jul 31
Summary
July 1 put New York City’s pied-a-terre tax into effect, and the city on Monday released a sprawling list of affected addresses and owners while still sorting which properties will ultimately be taxed.
The levy targets non-primary residences through 2031, initially using assessed values for homes above $5 million and condos or co-ops above $1 million, with exemptions for rentals and family primary residences.
Ken Griffin’s $240 million penthouse, assessed at just $15.6 million, shows why early bills may be modest; Forbes estimated he would owe about $12.9 million through 2031, or 0.025% of his $51.4 billion fortune.
Revenue estimates also look limited: Mamdani projects $500 million a year, while the city comptroller puts it at $340 million to $380 million after exemptions and behavioral changes.
That gap has fueled a political fight since Mamdani unveiled the tax outside Griffin’s building in April, even as analysts say the surcharge is unlikely to meaningfully dent billionaire wealth or the city’s $125.8 billion budget.