Story perspectives

Judge Lifts NYC Pied-à-Terre Tax Restraining Order

8/14/2026

Summary

Story summary

On Thursday, Justice Philip Hom lifted the restraining order, letting New York City resume its pied-à-terre tax while the appeal proceeds.
The surcharge targets homes worth $5 million or more and condos worth $1 million not used as primary residences, affecting 13,000 properties and raise $500 million a year.
Justice Wayne Ozzi’s restraining order halted the tax and barred a list of nearly 1 million owners, while plaintiffs will return to court on Aug. 31.

History

Historical Context

New York City introduced a 1 percent “mansion tax” in 2019, charging owners of homes over $1 million and raising about $1.5 billion in its first year. After a court-ordered restraining order was lifted by Justice Philip Hom, the city revived a surcharge on roughly 13,000 pied-à-terre units above $5 million, projected to generate $500 million annually and extend the city’s reliance on targeted property taxes to fund services.

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Story summary

On Thursday, Justice Philip Hom lifted the restraining order, letting New York City resume its pied-à-terre tax while the appeal proceeds.
The surcharge targets homes worth $5 million or more and condos worth $1 million not used as primary residences, affecting 13,000 properties and raise $500 million a year.
Justice Wayne Ozzi’s restraining order halted the tax and barred a list of nearly 1 million owners, while plaintiffs will return to court on Aug. 31.

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