Bill > A03284

This bill establishes a new tax on vacant residential properties in cities with populations of one million or more, specifically targeting New York City. The tax would be levied at 1.5% of the property's assessed value for the first two years of vacancy and increase to 3% after two years. Property vacancy would be presumed unless the owner provides documentation proving occupancy, such as utility bills, bank statements, or a lease. The bill includes several exemptions for vacant properties, including those newly built, properties where the registered owner died in the previous year, properties undergoing renovations with filed permits, and properties whose occupants are temporarily in long-term care facilities. The tax would be administered by the city's commissioner of finance, with revenues deposited into the city's general fund and used to create tax credits for non-vacant properties. A penalty of 2% of the property's market value would be imposed for willfully false or fraudulent returns. The law would take effect 90 days after becoming law, giving property owners and city officials time to prepare for its implementation. The primary goal appears to be incentivizing property owners to either occupy or rent out residential properties to address housing availability and reduce speculative property holding.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3284