Local Government Finance News

NYC rolls out pied-à-terre tax notices aimed at ultra-wealthy out-of-town homeowners

New York City has begun notifying owners of homes valued above $5 million that are used as secondary residences by non‑New Yorkers about the new pied-à-terre tax, a first‑in‑the‑state annual surcharge designed to tax the ultra‑wealthy and fund city services. The program, a key part of Mayor Zohran Mamdani’s pledge to tax the rich, is expected to raise about $500 million annually. Letters are going out, a help site was launched, and the city added staff to implement the measure, with examples like billionaire Ken Griffin cited to illustrate the policy.