The deadline for homeowners in New York City to apply for an exemption from the new pied-à-terre tax has been extended until September 18, giving residents an additional month to submit their applications.
The extension applies to homeowners who received notices from the Department of Finance stating that they may be subject to the surcharge, which went into effect on July 1.
The city's finance department has stated that the extension is necessary to give homeowners more time to prove that their home is their primary residence, which would exempt them from the tax.
The pied-terre tax, passed by the New York State Legislature in May, imposes an annual surcharge on high-value New York City homes worth more than $5 million that are not the owner's primary residence.
The tax will apply during the 2026-27 and 2027-28 property-tax years to secondary residences, including one-, two- and three-family properties, worth more than $5 million.
Individual condo units and co-op units will be taxed if they are valued at $1 million or more.
The city's finance department has clarified that the tax only applies to property owners who received a notification by mail, and that the majority of properties listed in a recent roll will not be subject to the surcharge.
The extended deadline is intended to give homeowners who may be exempt from the tax more time to submit their applications and avoid any potential penalties.
