NY S07941

Authorizes cities with a population of one million or more to impose an additional tax on non-primary residence Class One and Class Two residential properties valued at $5 million or higher using a tiered tax rate structure ranging from 0.5% to 4% based on property market value.

Tax applies only to properties that are not the primary residence of the owner, parent, or child, with primary residence determined by eligibility for the real property tax exemption under Section 425 of the Real Property Tax Law.

Establishes a progressive tax table effective for fiscal years beginning July 1, 2015, charging 0.5% on properties valued $5-6 million, increasing to 4% on properties valued over $25 million, generating base taxes ranging from $0 to $370,000 depending on valuation tier.

Requires property owners to submit certifications proving primary residence status and relationship to owners, with the Department of Finance authorized to promulgate rules governing certification timing, form, and procedures.

Imposes penalties including personal liability for unpaid taxes due to willful neglect or fraud, and a $10,000 penalty tax for material misstatements discovered within three years of certification filing.