New York has enacted a new annual surcharge on certain high-value residential properties in New York City that are not used as primary residences. The surcharge applies beginning with the New York City fiscal year that starts July 1, 2026. The New York Department of Finance is expected to issue notices for initial determinations of tax liability by August 30, 2026. Because the response period has not yet been specified in available guidance, owners should not wait until they receive a notice before beginning to collect documents.

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