The input is the city's number, not yours: the "Market Value" line on your Notice of Property Value (look it up at nyc.gov). It is not your purchase price, not Zillow, and not the assessed value on your tax bill. Don't have it handy? We'll pull it for you, free.
What second homes actually pay
Rates are flat on the full value — a $1.4M condo pays 4% of the entire $1,400,000, not 4% of the amount over $1M.
| DOF market value (condo/co-op) | Rate on the FULL value | Annual bill |
|---|---|---|
| Under $1,000,000 | 0% | $0 |
| $1,000,000 – $3,000,000 | 4% | $1.4M → $56,000 |
| $3,000,000 – $5,000,000 | 5.25% | $3.5M → $183,750 |
| Over $5,000,000 | 6.5% | $6M → $390,000 |
Houses and townhouses (1–3 family) start at a $5,000,000 threshold: 0.8% to $15M, 1.05% to $25M, 1.3% above — again on the full value. These are flat rates: crossing a band edge by a dollar moves your entire value onto the higher rate. That reading of the statute is the conservative one our counsel confirmed — calculators showing smaller "marginal" numbers are betting the other way with your money.
The three numbers every second-home owner should compare
The calculator gives you number one. The decision needs all three:
- Your surcharge — above, while the home stays a non-primary residence.
- Your net rent — what a 12-month lease would clear after the broker fee (12–15% of year-one rent) and management (8–12%): the lease exemption doesn't just stop the bleeding, it reverses it.
- Your exit — what selling nets today, against a tax that sunsets June 30, 2031 and re-bases in 2028 (Phase 2: comparable-sales values, $5M threshold, 0.8%–1.3% — many current payers drop out then).
That comparison, with your unit's real figures, is exactly what the keep-rent-sell page walks through — and what our free review computes for you.
Questions owners ask
How much is the NYC second home tax?
For condos and co-ops that are non-primary residences (Phase 1, July 1 2026 – June 30 2028): 4% of the full DOF market value at $1M–$3M, 5.25% at $3M–$5M, 6.5% above $5M — flat rates on the entire value, using the Notice of Property Value's market-value line. Houses (1–3 family): 0.8%–1.3% above a $5M threshold. A $1.4M condo pays $56,000/yr; a $6M condo $390,000/yr. Exempt if the owner, immediate family, or a 12-month tenant primarily lives there.
What value does the NYC second home tax use — market or assessed?
DOF's market value: the 'Market Value' line on the Notice of Property Value. It is higher than the assessed value (which is 45% of it) but for condos typically below actual sale price; co-ops use DOF's fractional-share method. Purchase price and listing estimates are the wrong inputs.
When does the NYC second home tax end or change?
Phase 2 begins July 1, 2028: condos and co-ops are re-valued on comparable sales with a $5M threshold at 0.8%–1.3% — many Phase-1 payers fall out of the tax entirely. The statute sunsets June 30, 2031 unless extended.
An estimate isn't a bill.
The free check pulls DOF's official value for your home and runs the statute-exact math — plus what a lease or sale would change. Usually within the hour.
Check My Property — FreeDisclaimer. Educational information from Conquest, a licensed New York real estate brokerage — not legal, tax, or accounting advice. Deadlines and figures reflect DOF's published rules and roll as of the date above. Residency has consequences beyond this surcharge — talk to your CPA before changing where you "live."