By Mike Matteo
Staten Island Advance, N.Y.
(TNS)<\/p>\n
STATEN ISLAND, N.Y.\u00a0\u2014\u00a0New York City\u00a0has extended the deadline for homeowners to prove they should be exempt from the city\u2019s new pied-\u00e0-terre tax.<\/p>\n
The decision was announced on\u00a0Aug. 1, as city officials said the deadline for homeowners to apply for exemptions would be pushed back by four weeks.<\/p>\n
The original deadline of\u00a0Aug. 21\u00a0has been pushed back to\u00a0Sept. 18, giving\u00a0New York City\u00a0homeowners more time to file an appeal over the new non-primary residence property surcharge.<\/p>\n
The new deadline applies to all homeowners who received a letter from the Department of Finance stating they may be subject to the pied-\u00e0-terre tax.<\/p>\n
The extension allows homeowners to either prove their property is a primary residence or otherwise show they shouldn\u2019t be affected by the tax.<\/p>\n
The new deadline will also give homeowners the opportunity to receive assistance and answers from DOF before submitting applications, city officials say.<\/p>\n
The tax is supposed to apply to condominiums and co-ops valued at a minimum of $1 million and one- to three-family homes valued above $5 million that are not used as primary residences.<\/p>\n
City Hall\u00a0projects the tax will raise $500 million annually.<\/p>\n
The tax has recently drawn the ire of\u00a0Staten Island\u00a0officials, many of whom say that their homes were erroneously listed on records of people who may be subject to the tax.<\/p>\n
About the tax<\/p>\n
According to the\u00a0Department of Finance, properties will not be subject to the tax if they serve as the primary residence of any of the following:<\/p>\n
For the 2026-27 and 2027-28 property tax years, the surcharge will be based on both the type of property and its market value, said the\u00a0Department of Finance\u00a0website.<\/p>\n
One-, two- and three-family homes valued between $5 million and $15 million will face a surcharge of 0.8% of market value, while homes valued between $15 million and $25 million will be taxed at 1.05%. Properties worth $25 million or more will be subject to a 1.3% surcharge.<\/p>\n
Condominiums and co-ops face steeper rates during the initial phase of the tax, with units valued between $1 million and $3 million subject to a 4% surcharge, those valued between $3 million and $5 million taxed at 5.25%, and units worth $5 million or more facing a 6.5% surcharge.<\/p>\n
Photo credit: Ivan Mani\/Unsplash<\/p>\n
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