Second-Home Annual Tax
As part of the FY 2027 New York State Budget, Governor Hochul and the State Legislature enacted a new surcharge on certain high-value non-primary residences located in New York City.
The new tax has important implications for property owners, investors, and the broader real estate industry. To help REBNY members understand the law and evaluate its potential impact, REBNY has developed the resources below.
Fact Sheet: What You Need to Know
Download REBNY's summary of the surcharge, key valuation thresholds, implementation timelines, and other important information for property owners and industry stakeholders.
Frequently Asked Questions
Download REBNY’s FAQ for an overview of the surcharge and answers to common questions based on the law and guidance issued by the New York City Department of Finance and Tax Commission.
Determine Whether the Surcharge Applies to a Property
Use REBNY's surcharge applicability tool to assess whether a property may be subject to the new tax based on factors such as property type, valuation, and primary residence status.
Department of Finance Resource Page
If you received a letter from the Department of Finance indicating that you may be subject to the surcharge and believe you are exempt, you must respond by the deadline date listed in the letter. You also must submit information showing that the property is not subject to the surcharge.
These materials are provided for informational purposes only and should not be construed as legal or tax advice. Members should consult their legal and tax advisors regarding their specific circumstances.
