Key facts
- President Trump has criticized New York's pied-à-terre tax.
- His Trump Tower penthouse is likely subject to the tax, with an assigned value of $6 million.
- The tax applies to condos and co-ops valued at $1 million or more.
President Trump has publicly criticized New York's new pied-à-terre tax, which is expected to apply to his Trump Tower penthouse valued at approximately $6 million. The tax, championed by state lawmakers, aims to increase city revenue.
The new tax targets high-value properties and aims to bolster New York City's finances, potentially impacting wealthy residents and real estate investors. President Trump's vocal opposition highlights political divisions over taxation and the economic direction of major cities.
President Trump has publicly denounced New York's new pied-à-terre tax, which is poised to affect his Trump Tower penthouse. The tax, approved by state lawmakers, applies to condominiums and co-ops with a market value of at least $1 million, and Trump's penthouse has an assigned value of approximately $6 million.
Trump took to Truth Social to criticize the tax, warning of "Financial, and then Social, RUIN" for New York and expressing concern that it would contribute to the city becoming a "filthy, crime ridden, decrepit place." He also linked the tax to other policies, such as congestion pricing.
The pied-à-terre tax was championed by lawmakers aiming to increase revenue for the city's budget. Despite Trump changing his primary residence to Florida in 2019, his New York penthouse remains subject to the surcharge. A lawsuit has been filed challenging the tax's publication of properties and the notices sent to owners, with some residents reporting receiving letters despite being full-time city residents. Governor Kathy Hochul acknowledged public frustration with the tax's rollout.
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