New York’s Pied à Terre Tax Explained: Which Luxury Homes Could Face an Extra Bill? New York City's pied à terre tax has been plagued by confusion and controversy since its rollout.
The measure, aimed at raising $500 million annually for the city, has sparked resistance from wealthy homeowners due to its complex implementation.
The tax applies to one , two and three family homes valued at more than $5 million, as well as condominiums and co ops worth $1 million or more, if those properties are not a person's primary residence.