Pied-à-terre tax on $5M+ second homes

KEPT. State enacted in FY27 budget (closed Wed May 27, 2026) as part of the $268.5B package. Surcharge effective Tue Jul 1, 2026; sunsets Tue Jun 30, 2031: 4% on $1–3M assessed, 5.25% on $3–5M. Tax-attorney client alerts circulating Jun 2026 (Dechert, Hogan Lovells). Trump-Tower-penthouse coverage hinges on contested valuation. Bezos's May "fine thing" comment continues as the most cited high-net-worth reaction. 2026-07-24 update: DOF mailed ~17K notification letters to owners of $5M+ non-primary residences ahead of the tax taking effect, and published a searchable database of ~960K $1M+ non-primary-residence owners for self-service exemption filing (deadlines Aug 21/24). Rollout drew "doxxing" framing from right-wing outlets and legitimate errors including modest Throggs Neck homes wrongly listed. Mamdani (Jul 29 NY1 / Bloomberg) standing by the rollout — tax remains kept.