{"id":319473,"date":"2026-08-12T13:26:27","date_gmt":"2026-08-12T13:26:27","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/319473\/"},"modified":"2026-08-12T13:26:27","modified_gmt":"2026-08-12T13:26:27","slug":"what-to-know-about-mamdanis-second-home-tax-that-trump-says-must-be-stopped","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/319473\/","title":{"rendered":"What to Know About Mamdani\u2019s Second-Home Tax That Trump Says \u2018Must Be Stopped\u2019"},"content":{"rendered":"

\u201cI believe that in the state of New York, if you have a $5 million second home, then you should be able to afford to pay for police and fire and trash removal and snow removal in the wintertime,\u201d Hochul told local media Tuesday<\/a>. \u201cDonald Trump ought to focus on all the pain he\u2019s causing New Yorkers and knock it off and don\u2019t worry about us.\u201d<\/p>\n

What is New York\u2019s pied-\u00e0-terre tax?<\/p>\n

In line with Mamdani\u2019s promise to \u201ctax the rich<\/a>,\u201d New York City implemented a pied-\u00e0-terre tax, a yearly levy on high-value residential properties that are not one\u2019s primary residence. Hochul signed the legislation containing it on May 28, and it became effective beginning July 1.\u00a0<\/p>\n

New York authorities say the tax is expected to generate at least $500 million a year in revenue, which would help close the city\u2019s $12 billion budget gap over fiscal years 2026 and 2027.<\/p>\n

For two fiscal years starting in July 2026, the levy may apply to one-, two-, and three-family homes valued by the city\u2019s finance department at $5 million or greater, as well as condominium and cooperative units valued at $1 million or more. For covered family homes, the levy rate starts at 0.8% of the market value and goes up to 1.3% for properties exceeding $25 million. As for covered condos and co-ops, the surcharge starts at 4% and reaches up to 6.5% for properties valued at $5 million or more.<\/p>\n