NY A04540

Authorizes cities with populations of one million or more to impose an additional tax on certain non-primary residential properties through local law.

Establishes tax rates on one, two or three family residences with five-year average market value of $5 million or higher: at least 0.5% and no more than 4% on the excess value above $5 million.

Imposes taxes on condominiums and cooperative apartments with assessed values of $300,000 or higher: at least 10% and no more than 13.5% on the excess value above $300,000.

Requires exemptions for properties that are primary residences of owners, parents, or children of owners; condominiums/cooperatives with certified appraisals below $5 million; and properties rented to tenants for whom it is their primary residence.

Tax takes effect for fiscal years beginning July 1, 2021, with administration and enforcement handled by the city's Commissioner of Finance.