NYC residents: how to move your company out of New York with no disruption [step-by-step]

Attorney and CPA Chad D. Cummings examines New York’s new Pied-à-Terre Tax. Signed by Governor Kathy Hochul on May 28, 2026 and effective July 1, the law imposes an annual surcharge on New York City residential property that is not the owner’s primary residence and has a market value above five million dollars. Occupancy of 183 days or fewer triggers it, and cooperative shares are treated as real property. The state projects five hundred million dollars in revenue. The tax targets former residents who kept a foothold in the city rather than current residents. The Department of Finance released a tax roll covering more than nine hundred thousand properties; a Staten Island court temporarily halted the rollout on August 10 after incorrect primary-residence flags, with roughly seventeen thousand notices already issued. Cooperative valuations rely on opaque share-allocation arithmetic. Florida and Texas impose no personal income tax and no comparable second-home surcharge. Property is fixed and cannot be moved. A company can be. Anyone who has received a notice should consult counsel and assemble residency and occupancy records before responding. Learn about transferring your company out of New York: https://www.cummings.law/redomestication/move-business-out-of-new-york/