The Document That Sets Your Surcharge
New York City's Department of Finance published a supplemental market value roll on July 24, 2026, identifying roughly 24,000 properties that may be subject to the city's new pied-à-terre surcharge.
This July assessment roll addendum — not your regular property tax notice — carries the market value DOF will use to calculate your non-primary residence surcharge. The document lists properties DOF believes may owe the annual tax, which ranges from 4% to 6.5% of market value for condos and co-ops above $1 million.
Conquest's analysis of DOF's July 2026 Supplemental Market Value Roll shows roughly 17,000 Manhattan condos and co-ops would owe the surcharge if they are non-primary residences, with an average exposure of $68,559 per unit.
What Changed From Your Regular Assessment
Consider a Manhattan co-op owner whose unit appears on both the regular tax roll and the July addendum. Her regular Notice of Property Value shows an assessed value of $450,000 — the figure used for standard property taxes.
The July addendum lists the same unit with a market value of $1.2 million. That $1.2 million becomes the base for her potential 4% surcharge, creating a $48,000 annual liability if DOF determines the unit is not her primary residence.
The difference matters because the surcharge applies to full market value, not the assessed value used for regular property taxes. For Class 2 condos and co-ops, assessed value typically runs about 45% of market value, according to DOF methodology.
Reading Your Addendum Entry
Each property on the July addendum appears with its borough-block-lot identification, street address, and Phase One market value for surcharge purposes.
Co-op apartments are listed by building address and apartment number, even though the unit is not a separate tax lot. Condo units and houses appear with their standard tax lot identifications.
The market value figure on your addendum entry determines your surcharge bracket. Units valued $1 million to $3 million face a 4% rate. Those from $3 million to $5 million pay 5.25%. Properties above $5 million owe 6.5% annually.
Deadlines That Flow From the July Roll
Property owners who received DOF's 'You may be subject to...' notice have until September 18, 2026, to apply for primary residence or other exemptions. This deadline was extended from the original August dates.
DOF will mail final non-primary residence determinations by August 30, 2026. The first surcharge payments come due January 1, 2027, based on the market values published in July.
A final version of the addendum will be published December 31, 2026, locking in the market values that determine actual surcharge bills for the 2026-27 fiscal year.
Frequently asked questions
Is my apartment subject to the NYC pied-à-terre surcharge if it's worth over $1 million?
Your apartment may be subject to the surcharge if it appears on NYC's July 24, 2026 supplemental market value roll and DOF determines it is not your primary residence. The surcharge applies to condos and co-ops above $1 million in market value, with rates ranging from 4% to 6.5% annually.
How much is the pied-à-terre tax on a $1.2 million apartment?
A $1.2 million apartment would face a 4% surcharge rate, creating a $48,000 annual liability if determined to be a non-primary residence. Units valued $1 million to $3 million face the 4% rate, while higher-valued properties pay 5.25% ($3-5 million) or 6.5% (above $5 million).
Does the surcharge use the same value as my regular property tax assessment?
No, the surcharge uses full market value from the July addendum, not the assessed value from your regular property tax notice. For example, a unit with a $450,000 assessed value might have a $1.2 million market value for surcharge purposes, since assessed value typically runs about 45% of market value for condos and co-ops.