New York City Mayor Zohran Mamdani introduced the pied-à-terre tax in April.
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Wealthy homeowners who might be subject to New York City Mayor Zohran Mamdani's pied-à-terre tax just got more time to avoid it.Mamdani and Department of Finance Commissioner Richard Lee announced on Saturday that the deadline for homeowners to submit an exemption application has been extended to September 18. That's four weeks past the original August 21 deadline."The extension gives homeowners additional time to establish that the property is their primary residence or demonstrate they are not subject to the surcharge," a press release said. "It also provides more time for homeowners to receive assistance from the Department of Finance and have their questions answered before submitting an application."The press release said the City of New York has expanded its outreach efforts across the boroughs to improve its communication with residents about the tax.Mamdani's announcement of the extension comes after some residents complained that the rollout was confusing and the notifications unclear. Some New Yorkers told The Wall Street Journal last week that they had been wrongly targeted by the tax. Others said the process to secure an exemption was overly difficult.Mamdani introduced the pied-à-terre tax in April. It's part of his campaign promise to tax the rich. He has also proposed raising income taxes on the highest earners and the corporate tax rate.The second-home tax will affect people who own a secondary property in New York City valued at more than $5 million but live elsewhere. The mayor's office said the tax is expected to generate about $500 million in annual revenue.
