Overview
- The state budget created a pied‑à‑terre surcharge on high‑value non‑primary homes and condos, with city officials projecting roughly $500 million a year in revenue from the levy.
- In late July the Department of Finance published a large supplemental market‑value roll and mailed roughly 17,000 "you may be subject to" letters, which many homeowners said produced confusing or incorrect notices.
- City Hall moved the exemption‑application deadline to Sept. 18 and says about 2,000 exemption forms have been filed with roughly 4,800 more in progress while it hires extra staff to process claims.
- Critics including business leaders and elected officials have faulted the rollout for exposing owner information, raising safety and privacy concerns, and forcing longtime residents to document primary residency.
- Officials say only the roughly 17,000 mailed notices are actionable now, the city will publish a final list later after reviews, and near‑term revenue and market effects remain uncertain because of exemptions, appeals and possible legal challenges.