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. 2026-09-29/30 update: Richmond County Justice Wayne Ozzi granted TRO/injunction ordering NYC to scrap the current pied-à-terre tax notification rollout. Court found the mailed notices "arbitrary and capricious, affected by errors of law, and in violation of recipients due process rights." City must remove the current $1M+ non-primary-residence list from DOF website, follow proper APA procedure, and remail corrected notices. Mamdani administration says it will seek a stay of the injunction and continue implementing the surcharge while appealing. Status still kept (law is on the books, surcharge went into effect Jul 1); next inflection is the appellate ruling.