![\"Donald](\"https:\/\/www.newsbeep.com\/us-ny\/wp-content\/uploads\/2026\/04\/f0d52442a2923f964332251550764143.jpeg\")
Andrew Harnik \/ Getty Images <\/p>\n Andrew Harnik \/ Getty Images <\/p>\n
The governor of New York has proposed a new tax on luxury second homes, and President Donald Trump is among those affected.<\/p>\n
New York Gov. Kathy Hochul proposed a pied-\u00e0-terre tax that would apply to second homes in New York City valued at $5 million or more (1). The measure is part of ongoing state budget negotiations (2).<\/p>\n
According to USA Today, the president \u201chas been outspoken in his disapproval\u201d of the proposed tax (3).<\/p>\n
While Trump\u2019s opposition to taxes isn\u2019t new, this proposal could directly impact him. His penthouse in Trump Tower could be subject to the tax if it passes, USA Today reported.<\/p>\n
The proposal would create an annual tax surcharge targeting ultrawealthy individuals who are not New York City residents, according to a New York state release (1).<\/p>\n
The tax would apply only to residential properties that aren\u2019t used as a primary residence. Homes occupied by a full-time tenant or by the owner\u2019s family would be exempt.<\/p>\n
Hochul said the tax would help New York City close its budget gap in coordination with Mayor Zohran Mamdani. It\u2019s projected to generate $500 million annually.<\/p>\n
Trump\u2019s primary residence is the White House. USA Today noted that after leaving office, he changed his legal residence to Mar-a-Lago in Palm Beach, Florida.<\/p>\n
Read More: This $1B private real estate fund is now accessible to non-millionaires. Start investing with just $10<\/a><\/p>\n The proposal does not specify how the tax would be calculated, beyond applying to second homes valued above $5 million.<\/p>\n The New York Times reported the tax would likely be based on a sliding scale tied to property value, with high-value homes paying more (4). \u201cA $100 million penthouse would face a larger surcharge than a $5 million two-bedroom,\u201d the Times said.<\/p>\n The value of Trump\u2019s penthouse has been the subject of debate and was part of a legal investigation. In 2022, the New York attorney general\u2019s office stated the Trump Organization \u201crelied on misleading valuations of its real estate assets for more than a decade,\u201d CNBC reported (5).<\/p>\n According to a filing cited by CNBC, the company claimed that the penthouse was more than 30,000 square feet in size and worth as much as $327 million from 2012 to 2016. In 2017, it said the unit was about 11,000 square feet and reduced its value by roughly two-thirds.<\/p>\n New York isn\u2019t alone in targeting the ultrawealthy with new taxes.<\/p>\n In California, a proposed 2026 Billionaire Tax Act would apply to any individual with a net worth of at least $1 billion (6). The one-time 5% tax would be levied on total net worth. The measure needs about 875,000 signatures by June 24 to qualify for the November 3 ballot.<\/p>\n Meanwhile, rising property taxes are affecting Americans across income levels.<\/p>\n As home values rise, so do property taxes, which are typically based on assessed value. Real estate data firm ATTOM found that property taxes for the average U.S. single-family home rose 3% in 2025 (7), outpacing inflation (8).<\/p>\n Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n New York State Governor\u2019s Office (1)<\/a>; City & State NY (2)<\/a>; USA Today (3)<\/a>; The New York Times (4)<\/a>; CNBC (5)<\/a>; BDO (6)<\/a>; ATTOM (7)<\/a>; CBS News (8)<\/a><\/p>\n This article originally appeared on Moneywise.com<\/a> under the title: Trump’s Manhattan penthouse may get slapped with new tax \u2014 though much depends on its mysteriously shifting value<\/a><\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Andrew Harnik \/ Getty Images The governor of New York has proposed a new tax on luxury second…\n","protected":false},"author":2,"featured_media":207082,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[4329,153,19345,4328,426,75,84,83,9,24,63,4334,82103,37938,66467],"class_list":{"0":"post-207081","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manhattan","8":"tag-dave-ramsey","9":"tag-donald-trump","10":"tag-governor-of-new-york","11":"tag-jeff-bezos","12":"tag-kathy-hochul","13":"tag-manhattan","14":"tag-manhattan-headlines","15":"tag-manhattan-news","16":"tag-new-york","17":"tag-new-york-city","18":"tag-nyc","19":"tag-robert-kiyosaki","20":"tag-tax-surcharge","21":"tag-trump-tower","22":"tag-usa-today"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/207081","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=207081"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/207081\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/207082"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=207081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=207081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=207081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}