NY S06488

Imposes a "flip tax" on transfers of one to five residential unit properties occurring within two years of the prior conveyance, with rates of 15% if less than one year has elapsed and 10% if one to two years have elapsed.

Tax is paid by the grantor (property seller) and revenues are credited to the city's general fund.

Exempts transfers to family members, property conveyed within one year of owner's death, newly constructed residential units, sales at or below the prior conveyance price, and property otherwise exempt from real property transfer tax.

Provides exemption for property owners who demonstrate financial hardship justifying a conveyance within two years.

Takes effect 90 days after enactment and applies to conveyances occurring on or after the effective date.