Assessments

On May 28, 2026, a new law went into effect that authorizes a surcharge on certain high-value properties in New York City that do not serve as a primary residence, sometimes called a “pied-à-terre.” This law and its implementing rules (NYC Admin Code §§ 11-3201, 11-3205(d); 19 RCNY § 62-07), require the Department of Finance to publish a supplemental market value roll listing all 1-, 2-, and 3-family homes, all cooperative (co-op) and condominium properties, and each individual unit in a co-op property in which at least one unit may be subject to the surcharge.

The listing of property on this roll does not mean that it is subject to the surcharge. Properties that DOF believes are subject to the surcharge receive notification directly by DOF and are given an opportunity to respond. The vast majority of listed properties will not receive such a notice. Property owners who received a letter that they may be subject to the surcharge should review DOF’s FAQ, and if needed, can submit a surcharge exemption application for residential homes and condos or co-ops.