NYC's New Pied-à-Terre Tax: What Owners, Boards, and Advisors Need to Know
New York City's new pied-à-terre tax (officially the surcharge on properties that don't serve as a primary residence) took effect July 1, 2026, and the New York City Department of Finance (DOF) has already begun sending notices to affected owners. With appeal windows as short as 30 days and penalties reaching up to 300% for a misleading valuation claim, owners, co-op boards, and their advisors have little room for error.
Join EisnerAmper for a practical, in-depth session that walks through the law from assessment to appeal: what it says, how it's applied, and what your options are if you receive a notice.
What We'll Cover
- Class One vs. Class Two: how one-, two-, and three-family homes (valued above $5 million) differ from condos and co-ops (valued above $1 million), with worked examples
- Rate structures compared: Class One's 0.8%–4% tiers versus Class Two's 4%–6.5%, the “cliff” effect once a threshold is crossed, and the Phase One/Phase Two valuation shift in 2028
- Exemptions: the resident-tax-filer test, primary residence carve-outs, and open questions for trusts, LLCs, and other entity ownership
- What the published rules mean in practice: the final rules, the assessment roll addendum, key notice deadlines, and co-op board obligations
- Penalties, frivolous appeals, and audit risk: the 50% and 300% penalty tiers, DOF's six-year audit window, and what separates a good-faith appeal from a frivolous one
- Current status of the law’s enforcement
