Phase 1 — today’s rates · in effect now through June 2028
Phase 2 — from July 1, 2028
Phase 2 re-bases condos and co-ops on comparable sales with a $5M threshold and 0.8%–1.3% rates. Pick an estimated market value (optional) to see where you'd land:
$0 / year
Enter the DOF market value — the "Market Value" line on your Notice of Property Value (look yours up at nyc.gov/finance) — not the assessed value and not your sale price. Don't know it? We'll pull it for you, free.
The rate tables behind the math
Condos & co-ops — Phase 1 (Jul 1, 2026 – Jun 30, 2028)
| DOF market value | Rate (on the FULL value) | Example bill |
|---|---|---|
| Under $1,000,000 | 0% — no surcharge | $0 |
| $1,000,000 – $3,000,000 | 4% | $1.85M → $74,000/yr |
| $3,000,000 – $5,000,000 | 5.25% | $3.1M → $162,750/yr |
| Over $5,000,000 | 6.5% | $6M → $390,000/yr |
1–3-family houses & townhouses
| Market value | Rate (on the FULL value) | Example bill |
|---|---|---|
| Under $5,000,000 | 0% — no surcharge | $0 |
| $5,000,000 – $15,000,000 | 0.8% | $8.5M → $68,000/yr |
| $15,000,000 – $25,000,000 | 1.05% | $18M → $189,000/yr |
| Over $25,000,000 | 1.3% | $30M → $390,000/yr |
Why our number may differ from other calculators
The statute's rate table can be read two ways, and calculators around the web disagree. A marginal reading taxes each slice of value at its own band's rate; a flat reading applies your band's single rate to your entire market value. The difference is not academic — on a $3.1M condo it's $162,750 (flat) versus $85,250 (marginal). This calculator uses the flat reading, which our counsel has confirmed as the sound, conservative interpretation — if DOF ultimately administers the table marginally, your real bill would come in lower than our estimate, never higher. Calculators showing you a smaller number are betting the other way on your behalf.
The second common error is the base: the surcharge tests your DOF market value from the Notice of Property Value — an income-approach figure that is higher than your assessed value (assessed is 45% of it) but, for condos, usually still below your actual sale price. Calculators that ask for "your home's value" and mean Zillow are testing the wrong number entirely. Co-ops are valued by DOF's fractional-share method — your shares' fraction of the building's total value — which is why the official roll, not a guess, is the only reliable input.
Questions owners ask
How is the NYC pied-à-terre tax calculated?
For condos and co-ops in Phase 1 (July 1, 2026 – June 30, 2028): 4% of the full DOF market value when that value is $1M–$3M, 5.25% when $3M–$5M, and 6.5% above $5M. For 1–3-family houses: 0.8% of full market value from $5M–$15M, 1.05% from $15M–$25M, 1.3% above $25M. The rate applies to the entire value once over the threshold (flat, not marginal), and the base is the DOF market value from the Notice of Property Value — not the assessed value or sale price. It applies only to non-primary residences.
Is the pied-à-terre tax marginal or flat?
The statute's table is ambiguous, but the conservative reading — confirmed by counsel — is flat: your band's rate applies to your entire DOF market value, not just the amount over the threshold. On a $3.1M condo that means $162,750/yr (5.25% of the full value) rather than $85,250 under a marginal reading. If DOF administers it marginally, actual bills would be lower than the flat estimate.
What is a pied-à-terre tax calculator's correct input?
The DOF market value — the 'Market Value' line on your Notice of Property Value. It is higher than your assessed value (assessed is 45% of market) but for condos usually below the actual sale price. Co-op values use DOF's fractional-share method. Using your purchase price or a listing estimate will miscalculate the surcharge.
How much is the pied-à-terre tax on a $2 million NYC condo?
$80,000 per year during Phase 1, if the condo is not a primary residence: $2M falls in the $1M–$3M band, so the flat 4% rate applies to the full $2M DOF market value. If the DOF market value (not the sale price) is actually below $1M, the surcharge is $0.
An estimate is not your bill.
The free review pulls your unit's OFFICIAL DOF market value and runs the exact statutory math — plus what a 12-month lease or a sale would change. Usually within the hour.
Check My Unit — FreeRemember what the calculator can't know
- Exemptions zero it out — primary residence (yours or immediate family's, over half the year) or a bona fide 12-month arm's-length lease means $0 regardless of value. The exemptions, in depth →
- Phase 2 re-tests everyone in 2028 — comparable-sales values, $5M threshold, 0.8%–1.3% rates. Many Phase-1 payers drop out; some houses come in.
- Deadlines are live now — exemption applications are due Oct 6, 2026 (homes/condos) / Oct 6, 2026 (co-ops), and notices carry a 30-day rebuttal window. Got a letter? Start here →
Disclaimer. This page is educational information from Conquest, a licensed New York real estate brokerage. It is not legal, tax, or accounting advice, and no advisory relationship is created by reading it. Deadlines and figures reflect DOF's published rules and roll as of the "last updated" date above.