The arithmetic that flips the rankings
520 Park Avenue will shoulder a larger aggregate pied-à-terre surcharge than 220 Central Park South in the first year of New York City's non-primary-residence tax, despite having fewer than half as many DOF-published units, according to Conquest's analysis of DOF's July 2026 Supplemental Market Value Roll.
The 43 DOF-published units at 520 Park Avenue carry a combined Phase-1 annual exposure of $13,130,654 if they are non-primary residences, compared with $12,298,430 for the 117 DOF-published units at 220 Central Park South. The difference turns on valuation concentration: the average DOF market value per published unit is $4,823,628 at 520 Park Avenue and $2,235,282 at 220 Central Park South.
The surcharge, signed May 28, 2026 and effective July 1, 2026, applies a flat rate to the full DOF market value—the figure on the Notice of Property Value, not the assessed value used for regular property tax—once a condominium or cooperative unit clears $1 million. For Phase 1, which runs through June 30, 2028, the rates are 4 percent on market values from $1 million to $3 million, 5.25 percent from $3 million to $5 million, and 6.5 percent at $5 million and above. The rate applies to the entire market value, not only the portion above the threshold.
The top lines at each building
Four units at 520 Park Avenue—DPH60, DPH56, DPH54 and DPH52—each carry a DOF market value of $10,227,653 and an annual surcharge of $664,797 if they are non-primary residences. A fifth unit, DPH63, is valued at $9,541,355 and would owe $620,188.
220 Central Park South's highest-valued DOF-published unit, unit 50, carries a market value of $15,553,855 and an annual surcharge of $1,011,001—the largest single exposure in either building. But 520 Park Avenue's cluster of high-value units produces the larger building total.
Conquest's analysis covers 959,710 unit rows citywide. Roughly 24,000 units would owe the surcharge if they are non-primary residences; most are primary residences and owe nothing.
Deadlines and what remains unsettled
The exemption-application deadline for the 2026–27 tax year was October 13, 2026, according to DOF's current online materials. The original deadline was August 21, 2026 for one- to three-family homes and condo units and August 24 for co-op units; DOF extended it to September 18, then again to October 6, and finally to October 13.
DOF mailed non-primary-residence notices on July 22, 2026 to owners whose records did not establish primary-residence status. Owners have 30 days from the date a notice was transmitted to appeal the determination.
The first payment date has not been established. The New York City Comptroller said on October 16, 2026 that the earliest billing was likely November 2026, but no definitive date has been published.
Owners who believe their unit qualifies for the primary-residence exemption—because the owner, a spouse, child, sibling, parent, grandparent or grandchild lives there, or because a natural-person tenant holds a 12-month arm's-length lease—should check their DOF market value and potential surcharge now. Conquest's free pied-à-terre tax calculator shows the Phase-1 exposure for any address; the firm does not provide legal or tax advice.
Frequently asked questions
Is my apartment subject to the NYC pied-à-terre tax if it's worth over $1 million?
The surcharge applies once a condominium or cooperative unit's DOF market value clears $1 million, but only if the unit is a non-primary residence. If you, a spouse, child, sibling, parent, grandparent, grandchild, or a natural-person tenant with a 12-month arm's-length lease lives there as a primary residence, the unit qualifies for exemption and owes nothing.
How much is the pied-à-terre tax on a $5 million apartment in NYC?
For Phase 1 (through June 30, 2028), a unit with a DOF market value of $5 million or above pays 6.5 percent of the entire market value as an annual surcharge if it is a non-primary residence. A $5 million unit would owe $325,000 per year, and a $10,227,653 unit (like several at 520 Park Avenue) would owe $664,797 annually.
Does the NYC pied-à-terre surcharge apply to the assessed value or market value?
The surcharge applies a flat rate to the full DOF market value—the figure on the Notice of Property Value—not the assessed value used for regular property tax. The rate applies to the entire market value once the unit clears $1 million, not only the portion above the threshold.