Is NYC’s pied-à-terre tax still in effect? Called a pied-à-terre tax, the Democratic Socialist mayor's tax plan, coordinated with Albany, was expected to generate $500 million a year and affect tens of thousands of property owners. "The TAX, TAX, TAX Policies are SO WRONG. ‌Who has to pay NYC’s pied-à-terre tax? The pied-à-terre tax plan was intended to target all second homeowners with properties in New York City worth more than $5 million.