MLF Real Estate Newsletter

New York State has enacted a new annual surcharge on certain high-value New York City residential properties that are not used as a primary residence, otherwise commonly known as the "pied-à-terre" tax. The measure was approved by the State Legislature on May 27, 2026 and signed into law by Governor Kathy Hochul as part of the fiscal year 2026–2027 state budget. The surcharge takes effect July 1, 2026 and is currently scheduled to sunset on June 30, 2031. For owners of high-v