Bill > S00044

This bill amends the Real Property Tax Law to allow cities with a population of one million or more to impose an additional tax surcharge on certain non-primary residence class one and class two properties. The surcharge would be between 0.5% and 4% on the excess market value above $5 million for one-, two-, or three-family residences, and between 10% and 13.5% on the excess assessed value above $300,000 for condominium and cooperative units. The bill includes exemptions for properties that are the primary residence of the owner, the owner's parent or child, or a full-time tenant, as well as for properties valued under $5 million. The Department of Finance in the city would be responsible for administering and enforcing the tax.