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 one-page overview for a summary of the surcharge, key valuation thresholds, implementation timelines, and other important information for property owners and industry stakeholders.

Read the Fact Sheet

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.

Developed by Martha E. Stark — Clinical Professor, NYU Wagner Graduate School of Public Service; former Commissioner, NYC Department of Finance — for the Real Estate Board of New York.

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.