BillTrack50 logo
Free Signup Login
Bill

Bill > A04540

NY A04540

NY A04540
Imposes an additional tax surcharge on certain non-primary residence class one and class two properties in a city with a population of one million or more.

summary

Introduced
02/04/2019
In Committee
01/08/2020
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

2019-2020 General Assembly

Bill Summary

AN ACT to amend the real property tax law, in relation to imposing an additional tax on certain non-primary residence class one and class two properties in a city with a population of one million or more The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1

AI Summary

This bill authorizes cities with a population of one million or more to impose an additional tax on certain non-primary residence class one and class two properties. The additional tax 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 or their parent/child, properties with an appraised value below $5 million, and properties rented on a full-time basis to tenants for whom the property is their primary residence. The city's Department of Finance would have the authority to administer and enforce the tax.

Committee Categories

Budget and Finance

Sponsors (48)

Carmen Arroyo (OTHER)*,  Deborah Glick (D)*,  Catherine Nolan (D)*,  Michael Benedetto (D),  David Buchwald (D),  Pat Burke (D),  Marianne Buttenschon (D),  Robert Carroll (D),  Marcos Crespo (D),  Catalina Cruz (D),  Carmen De La Rosa (D),  Michael DenDekker (D),  Jeffrey Dinowitz (D),  Harvey Epstein (D),  Patricia Fahy (D),  Nathalia Ferna´ndez (D),  Richard Gottfried (D),  Judy Griffin (D),  Aileen Gunther (D),  Pamela Hunter (D),  Jonathan Jacobson (D),  Kimberly Jean-Pierre (D),  Billy Jones (D),  Latoya Joyner (D),  Joseph Lentol (D),  Barbara Lifton (D),  Donna Lupardo (D),  John McDonald (D),  Walter Mosley (D),  Yuh-Line Niou (D),  Danny O'Donnell (D),  Félix Ortiz (D),  Victor Pichardo (D),  Dan Quart (D),  Phil Ramos (D),  Karines Reyes (D),  Diana Richardson (D),  José Rivera (D),  Linda Rosenthal (D),  Nader Sayegh (D),  Rebecca Seawright (D),  Jo Anne Simon (D),  Aravella Simotas (D),  Phil Steck (D),  Steve Stern (D),  Al Taylor (D),  David Weprin (D),  Carrie Woerner (D), 

Last Action

print number 4540b (on 10/07/2020)
(1 Companion Bills)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...