President's Trump Tower penthouse could be subject to new NYC tax

Source: USA Today

April 17, 2026, 6:31 p.m. ET


President Donald Trump has been outspoken in his disapproval of the proposed pied-à-terre tax in New York City backed by Mayor Zohran Mamdani and New York Gov. Kathy Hochul. While he has framed his complaint as solely an objection to taxes in general, it is possible that he has a more personal concern: his own penthouse in Trump Tower could be subject to the levy.

Hochul's proposal, which may make it into the state budget currently under discussion in the state legislature, would assess a tax on homes worth more than $5 million that do not serve as a primary residence. Trump's 11,000-square-foot condo on Manhattan's famed Fifth Avenue is easily worth more than that, although by how much is a matter of some debate.

During a 2023 civil trial for allegedly defrauding lenders by inflating the value of Trump's assets to get better loan terms, it emerged that the Trump Organization's financial statements between 2012 and 2016 claimed the apartment was larger than 30,000 square feet and valued it at up to $327 million. The judge found that was an overstatement by between $114 million and $207 million.

Trump's current primary residence is the White House. Even when he was out of office, he no longer used Trump Tower as his primary residence, having moved his legal permanent residence 2019 to his Mar-a-Lago estate in Palm Beach, Florida.

Read more: https://www.usatoday.com/story/news/politics/2026/04/17/trump-tower-penthouse-new-nyc-tax/89665887007/