NY S00069

Authorizes cities with a population of one million or more to adopt local laws imposing an additional tax on non-primary residence residential properties with a market value of $5 million or higher, effective for fiscal years beginning July 1, 2018.

Establishes a tiered tax structure ranging from 0.5% on properties valued over $5 million to 4% on properties valued over $25 million, with base amounts and percentage rates applied to excess value in each tier.

Tax applies to class one properties (excluding vacant land) and residential condominium or cooperative properties that are not the primary residence of the owner, parent, or child of the owner.

Property qualifies as a primary residence if it would be eligible for the existing primary residence tax exemption under section 425, regardless of whether the exemption was actually claimed.

Owners who fail to comply, make false statements, or misrepresent information face personal liability for taxes owed and a penalty tax of $10,000 for material misstatements discovered within three years.