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NY A10192
Bill
Status
10/15/2014
Primary Sponsor
Deborah Glick
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AI Summary
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Authorizes cities with populations of one million or more to impose an additional tax on non-primary residence properties valued at $5 million or higher, effective for fiscal years beginning July 1, 2015
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Establishes a progressive tax structure ranging from 0.5% on properties valued $5-6 million to 4% on properties exceeding $25 million, with base taxes increasing at higher valuation tiers
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Applies to Class One residential properties (excluding vacant land) and residential condominiums or cooperatives that are not the primary residence of the owner, parent, or child of the owner
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Defines primary residence based on eligibility for existing real property tax exemptions under Section 425 of law, requiring owner certification of residence status
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Imposes $10,000 penalty tax for material misstatements on applications discovered within three years and allows personal liability for owners who willfully neglect compliance or commit fraud
Legislative Description
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.
Last Action
referred to real property taxation
10/15/2014