The concentration
ZIP 10019, which runs from West 47th to West 59th Street between Eighth Avenue and the Avenue of the Americas, holds 975 condominium and cooperative units with market values above the $1 million pied-à-terre surcharge threshold, according to Conquest's analysis of DOF's July 2026 Supplemental Market Value Roll.
That is more than any other ZIP code in New York City. The next-closest is 10012 in SoHo and NoHo, with 932 units.
The average surcharge for a non-primary unit in 10019 would be $86,862, and the median market value sits at $1.58 million. Most of those units are primary residences and owe nothing; the figures describe exposure, not what the city will collect.
How the surcharge works
The pied-à-terre surcharge, signed May 28, 2026 and effective July 1, 2026, is an annual charge on non-primary residences. It applies to condos and co-ops with market values of $1 million or more, and to one- to three-family homes valued at $5 million or more.
The base is the DOF market value—the 'Market Value' line on the Notice of Property Value—not the assessed value used for regular property tax. For condos and co-ops, assessed value is roughly 45 percent of market value and does not affect the surcharge calculation.
The surcharge is flat: once market value clears the threshold, the bracket rate applies to the full market value, not only the excess. A condo valued at $1.5 million would owe 4 percent of $1.5 million, or $60,000, not 4 percent of $500,000.
The 10019 arithmetic
Of the 975 units in 10019 above the threshold, most fall in the $1 million to $3 million bracket, which carries a 4 percent rate. A unit valued at $2 million would owe $80,000 annually if it is non-primary.
The median market value of $1.58 million translates to a $63,200 surcharge at the 4 percent rate. The average surcharge of $86,862 reflects a handful of units in the higher brackets: 5.25 percent for values between $3 million and $5 million, and 6.5 percent above $5 million.
One 10019 unit on the roll carries a market value of $17.4 million. If non-primary, the surcharge would be $1.13 million annually.
The corridor's buildings
The 57th Street corridor holds One57, 157 West 57th Street, and the Park Hyatt New York at One57, among others. The roll does not break out individual buildings, but the concentration of high-value units in a single ZIP code reflects the density of luxury construction completed in the last fifteen years.
The corridor also includes older co-op buildings with units that have appreciated into the surcharge range. A co-op unit's market value is derived from the building's total market value and the unit's proportional share, as established by the co-op's offering plan.
The roll lists market values as of the January 5, 2026 taxable status date, which precedes the fiscal year beginning July 1, 2026. Values for fiscal 2027/28 will reflect the January 5, 2027 status date.
Primary residence and exemptions
A unit is exempt if it is the primary residence of the owner or an immediate family member—spouse, child, sibling, parent, grandparent, or grandchild—or if it is leased to a natural person under a 12-month arm's-length tenancy.
Primary residence is determined as of the January 5 taxable status date preceding the fiscal year, not by how many days the owner spent in the unit during the year. An owner who moved into a 10019 condo on February 1, 2026 would not qualify for the fiscal 2026/27 exemption, because the determination date was January 5, 2026.
DOF mailed initial non-primary notices by August 30, 2026. The exemption application deadline is October 13, 2026, extended by DOF on October 6, 2026 from the prior October 6 date, which itself superseded September 18, August 24, and August 21 deadlines. Owners who received a 'You may be subject to' notice have until October 13 to apply.
The phase-two revaluation
From July 1, 2028, the surcharge shifts to phase-two market value, which DOF will calculate using comparable sales data rather than the current mass-appraisal method. The rate schedule also changes: 0.8 percent for values between $5 million and $15 million, 1.05 percent for $15 million to $25 million, and 1.3 percent above $25 million.
That schedule eliminates the $1 million threshold and the 4 percent, 5.25 percent, and 6.5 percent brackets. A unit valued at $1.5 million under the current roll would owe nothing under phase two unless comparable sales push its value above $5 million.
The phase-two revaluation is a statutory change that takes effect in two years. The Comptroller projected roughly $500 million in annual revenue citywide, but that figure predates the phase-two schedule and does not account for exemptions or appeals.
Appeals and payment
Owners may appeal DOF's primary-residence determination within 30 days of the notice's transmission date. If DOF denies the appeal, the owner may appeal to the Tax Commission by March 1, 2027 for Class Two properties or March 15, 2027 for Class One properties, or within 30 days of DOF's final determination, whichever is later.
The first surcharge payment is due January 1, 2027. The Comptroller's report states that the earliest billing would likely occur in November 2026, but the exact billing date has not been published as of November 5, 2026.
The surcharge is in addition to regular property tax, and abatements or exemptions that reduce regular tax do not offset it. A unit with a 421-a abatement still owes the full surcharge if it is non-primary.
What to check
The market value on your Notice of Property Value is the figure that determines the surcharge, not the assessed value and not the sale price. If you bought a 10019 condo for $1.8 million in 2025 but DOF's market value is $950,000, you are below the threshold. If the market value is $1.05 million, you would owe $42,000 annually if the unit is non-primary.
Conquest's free DOF market-value and surcharge checker pulls your unit's current market value from the roll and calculates the surcharge under both the phase-one and phase-two schedules. It does not determine primary-residence status—that is a factual question DOF decides—but it shows the dollar exposure if the unit is deemed non-primary. The checker is at piedaterretax.nyc.
Frequently asked questions
Is my apartment subject to the pied-à-terre tax if it's worth $1.5 million?
If your condo or co-op has a DOF market value of $1.5 million and is not your primary residence, you would owe a $60,000 annual surcharge at the 4 percent rate. The surcharge applies to the full market value once it exceeds the $1 million threshold, not just the excess amount.
How much is the tax on a $2 million non-primary condo in the 57th Street area?
A non-primary condo valued at $2 million in ZIP 10019 would owe $80,000 annually under the 4 percent rate for units between $1 million and $3 million. The median market value in that ZIP is $1.58 million, which translates to a $63,200 surcharge.
Does the pied-à-terre tax ruling change in 2028?
Yes, from July 1, 2028, the surcharge shifts to a new rate schedule with a $5 million threshold instead of $1 million, and rates of 0.8 percent, 1.05 percent, and 1.3 percent replace the current 4 percent, 5.25 percent, and 6.5 percent brackets. A unit valued at $1.5 million would owe nothing under phase two unless comparable sales push its value above $5 million.