Subsequent bills would follow the regular semiannual property tax schedule. A change in how a property is owned or used, or where its owner claims residency, can affect estate, gift, property-tax planning and more. Korn suggested gifting the property to a child so it becomes their primary residence, though that would affect estate planning. "You're not going to ship a kid from California to New York just to avoid, functionally, a 1% tax or 1.3% tax. If a client is interested in buying a new second home in the city, the tax shouldn't necessarily be a deterrent.