Bill Text: NY A01814 | 2023-2024 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 27-0)
Status: (Introduced - Dead) 2024-01-03 - referred to real property taxation [A01814 Detail]
Download: New_York-2023-A01814-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1814 2023-2024 Regular Sessions IN ASSEMBLY January 23, 2023 ___________ Introduced by M. of A. GLICK, L. ROSENTHAL, REYES, RIVERA, DINOWITZ, JEAN-PIERRE, EPSTEIN, WEPRIN, CRUZ, TAYLOR, STECK, FAHY, BENEDETTO, JACOBSON, SIMON, BUTTENSCHON, SAYEGH, HUNTER, JOYNER, CARROLL, WOER- NER, GUNTHER, RAMOS, JONES, STERN, LUPARDO -- read once and referred to the Committee on Real Property Taxation 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 Section 1. The real property tax law is amended by adding a new 2 section 307-b to read as follows: 3 § 307-b. Additional tax on certain non-primary residence properties in 4 a city with a population of one million or more. 1. Generally. Notwith- 5 standing any provision of any general, specific or local law to the 6 contrary, any city with a population of one million or more is hereby 7 authorized and empowered to adopt and amend local laws in accordance 8 with this section imposing an additional tax on certain residential 9 properties and dwelling units. 10 2. Definitions. As used in this section: (a) "Assessed value" means 11 the determination made by the assessors of a city having a population of 12 one million or more of the valuation of real property. 13 (b) "Assessed value attributable to a tenant-stockholder" means the 14 proportion of the assessed value of real property owned by a cooperative 15 apartment corporation, represented by a tenant-stockholder's share or 16 shares of stock in such corporation as determined by its or their 17 proportional relationship to the total outstanding stock of the corpo- 18 ration, including that owned by the corporation. 19 (c) "Commissioner of finance" means the commissioner of finance of a 20 city having a population of one million or more, or his or her designee. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02952-01-3A. 1814 2 1 (d) "Department of finance" means the department of finance of a city 2 having a population of one million or more. 3 (e) "Five-year average market value" shall mean the average monetary 4 value of a property for the previous five years, using a comparable 5 sale-based valuation method, as determined by the department of finance. 6 3. Additional tax. (a) A local law enacted pursuant to this section 7 may provide for a tax as follows for fiscal years beginning on or after 8 July first, two thousand twenty-four: 9 (i) For one, two or three family residences with a five-year average 10 market value of five million dollars or higher, a tax of at least one- 11 half percent and no more than four percent on the excess market value 12 above five million dollars. 13 (ii) For residential real property held in the condominium form of 14 ownership with an assessed value of three hundred thousand dollars or 15 higher, a tax of at least ten percent and no more than thirteen and 16 one-half percent of the excess assessed value above three hundred thou- 17 sand dollars. 18 (iii) For dwelling units in a property held in the cooperative form of 19 ownership with an assessed value attributable to a tenant-stockholder of 20 three hundred thousand dollars or higher, a tax of at least ten percent 21 and no more than thirteen and one-half percent of the excess assessed 22 value above three hundred thousand dollars. The additional taxes attrib- 23 utable to each tenant-stockholder shall be added by the cooperative 24 apartment corporation to the amount of such taxes otherwise payable by 25 or chargeable to such tenant-stockholder. 26 (b) Subject to the limitations established in paragraph (a) of this 27 subdivision, any such local law may establish a graduated rate schedule 28 for imposing such tax, at rates and excess value thresholds as the local 29 legislative body determines appropriate. 30 (c) Except as otherwise provided in this section, such tax may be 31 imposed, administered, collected and enforced by the commissioner of 32 finance of such city by such means and in such manner as other taxes 33 that are now imposed, administered, collected and enforced by such 34 commissioner in accordance with the charter or administrative code of 35 any such city or as otherwise may be provided by any such local law. 36 4. Exemptions. (a) A local law enacted pursuant to this section shall 37 include an exemption from the additional tax imposed for residential 38 properties or dwelling units that are: (i) the primary residence of at 39 least one owner of the property or dwelling unit; (ii) the primary resi- 40 dence of a parent or child of at least one owner of the property or 41 dwelling unit; (iii) held in the condominium or cooperative form of 42 ownership with an assessed value or assessed value attributable to a 43 tenant-stockholder of three hundred thousand dollars or higher, where 44 the owner has within the prior three years obtained an appraisal report 45 certified by a state certified real estate appraiser or authenticated by 46 a state licensed real estate appraiser, as those terms are defined in 47 section one hundred sixty-a of the executive law, showing that the resi- 48 dential property or dwelling unit has an appraised value of less than 49 five million dollars; or (iv) rented on a full-time basis to a tenant or 50 tenants for whom the property or dwelling unit is their primary resi- 51 dence. 52 (b) Proof that a residential property or dwelling unit is eligible for 53 an exemption provided in paragraph (a) of this subdivision shall be in 54 such form as required by local law or the rules of the commissioner of 55 finance.A. 1814 3 1 (c) Any such local law may provide for exemptions from such tax in 2 addition to those specified in this subdivision. 3 (d) In the event that a property granted an exemption from taxation 4 pursuant to this section or local law ceases to be used in a manner 5 making the property eligible for such exemption, the owner or owners 6 shall so notify the commissioner of finance in a time, form and manner 7 as so required by local law or the rules of the commissioner. 8 5. Rules. The department of finance of any city enacting a local law 9 pursuant to this section shall have, in addition to any other functions, 10 powers and duties which have been or may be conferred on it by law, the 11 power to make and promulgate rules to carry out the purposes of this 12 section. 13 § 2. This act shall take effect immediately.
