Bill > A01044

This bill allows cities with a population of one million or more (which effectively means New York City) to impose an additional tax surcharge on certain non-primary residential properties. Specifically, the bill would enable local laws that create new taxes on: (1) one-to-three family residences valued over $5 million, with a tax rate between 0.5% and 4% on the excess value; (2) condominiums with an assessed value over $300,000, with a tax rate between 10% and 13.5% on the excess value; and (3) cooperative apartment units with an assessed value over $300,000, with a similar 10-13.5% tax rate on the excess value. The bill includes several important exemptions, such as properties that are: a primary residence for the owner or their parent/child, rented full-time as a primary residence for tenants, or properties with a certified appraisal showing a value under $5 million. The tax would take effect for fiscal years beginning on or after July 1, 2026, and the local legislative body would have flexibility in setting specific rates and thresholds within the prescribed ranges. The bill aims to generate additional revenue from high-value, non-primary residential properties in New York City while providing protections for primary residences and lower-value properties.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A1044