My unit is owned by an LLC. Can it still qualify?

The notice lists five qualifying relationships. The one that carries entity-owned property is this: one or more individuals who collectively hold a majority interest in the LLC, corporation, or partnership that owns the property, using the property as their primary residence. An immediate family member of a majority interest holder counts as well.

So the question is never whether the LLC lives there. It is whether the natural people who together hold more than half of it do. That criterion, written out with its edges, is the majority interest path.

Multi-tier structures do not work

Under the final rule, multi-tier entity structures cannot establish primary residence. If the LLC on the deed is owned by another entity, with a person somewhere at the end of the chain, the chain itself is the problem. Check the structure against the rule before assuming the holding company arrangement carries the exemption.

What does the Department of Finance want to see?

• Organizational documents for the entity, plus an affidavit from an officer, showing who holds a majority interest. What does an officer affidavit have to square with? The affidavit layer.
• For that individual: the most recent federal or state income tax return showing the property as the address, or two of driver's license, voter registration, and utility or similar bills.
• For the family member path: marriage or birth certificates, or affidavits establishing the relationship.

If the unit is rented

A tenant or subtenant using the unit as a primary residence qualifies the property on its own, and there is no one-year lease requirement. Two limits apply. The lessee or sublessee must be a natural person, so an LLC tenant cannot establish primary residency. And a lease is not arm's length if the circumstances indicate a reasonable possibility that it was entered into primarily to avoid the surcharge.

How common is entity ownership here?

MGNY analysis of FY2027 assessment rolls found 8,900+ NYC condo units at or above the value threshold, more than half of them owned through LLCs, trusts, and other entities. Entity ownership is the ordinary case in this program rather than an oddity, and the rule has a path built for it.