NY S00044

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

Establishes three categories of taxable properties: (i) one to three family residences with five-year average market value of $5 million or higher taxed at 0.5% to 4% on excess value above $5 million; (ii) condominiums with assessed value of $300,000 or higher taxed at 10% to 13.5% on excess value above $300,000; (iii) cooperative dwelling units with assessed value attributable to tenant-stockholders of $300,000 or higher taxed at 10% to 13.5% on excess value above $300,000.

Requires exemptions for properties that are primary residences of owners or their parents/children, and for properties rented full-time to tenants using them as primary residences.

Allows owners of condominiums and cooperatives valued at $300,000 or higher to claim exemption by providing an appraisal report from a state-certified appraiser showing value below $5 million.

Tax becomes effective for fiscal years beginning July 1, 2021; authorizes city departments of finance to establish graduated rate schedules and promulgate rules for administration and collection.