Mayor Mamdani sent notification letters for the pied-a-terre tax on homes worth $5M+. The tax targets 11,000 properties and could raise $500M a year.
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New York City started sending notification letters Thursday for its new pied-à-terre tax. The letters put wealthy second-home owners on notice.
The tax, passed in May, targets non-primary residences worth $5 million or more. Rates start at 0.8% and climb to 1.3% for properties valued at $25 million and above.
Mayor Zohran Mamdani posted the news on X. If you have a second home in New York City worth more than $5M, check your mailbox when you're back in the five boroughs, he said. You've got mail.
City officials estimate the levy will raise $500 million a year. It covers more than 11,000 homes.
The tax hits billionaires with NYC second homes: Jeff Bezos, Donald Trump, Jay-Z, Beyoncé. Ken Griffin, the Citadel CEO who paid $238 million for a penthouse in 2019, could face a bill between $1.3 million and $1.4 million, according to Business Insider's math. Griffin lives in Miami.
Mamdani said the city deserves the best parks and schools. That's only possible when everyone pays their fair share.
The Department of Finance sent the letters Thursday. A dedicated webpage with forms and exemption guidance went live the same day.
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