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Hochul Proposes 4-6.5% NYC Second-Home Tax, $500M Goal

5/15/2026

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Summary

Story summary

Governor Kathy Hochul proposed a surcharge of 4%-6.5% on NYC second homes at $1 million or more.
Officials say a $1 million market value corresponds to $5 million in sales price, targeting wealthy part-time residents.
The metric can be far lower than prices, shown by a Manhattan penthouse listed at $4.2 million that sold for $135 million in 2024.
Hochul expects the surcharge to raise $500 million annually, though the home count remains unclear.

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Story summary

Governor Kathy Hochul proposed a surcharge of 4%-6.5% on NYC second homes at $1 million or more.
Officials say a $1 million market value corresponds to $5 million in sales price, targeting wealthy part-time residents.
The metric can be far lower than prices, shown by a Manhattan penthouse listed at $4.2 million that sold for $135 million in 2024.
Hochul expects the surcharge to raise $500 million annually, though the home count remains unclear.