Overview
- The Department of Finance began sending letters to owners this week, notifying them that one- to three-family homes, condos and co‑ops valued above $5 million may be subject to the new surcharge.
- The surcharge applies to non‑primary residences worth $5 million or more and is progressive, starting at 0.8% and rising to 1.3% for properties valued at $25 million or more, with officials estimating it will affect more than 11,000 homes.
- City officials launched a dedicated website and a secure upload portal and added staff at the Department of Finance and the Office of Administrative Tax Appeals to process documentation and appeals.
- Mayor Zohran Mamdani has framed the levy as targeting ultrawealthy out‑of‑city owners and has publicly highlighted high‑profile names such as Ken Griffin, prompting pushback from some people named in the campaign materials.
- The mailed notices mark the first operational step in implementing the law, with no final assessed bills reported yet, and the next developments to watch include submitted appeals, possible legal challenges, and the first revenue accounting for the new levy.