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.