NY A05736

Authorizes cities with populations over one million to impose an additional tax on non-primary residence residential properties through local law, effective for fiscal years beginning July 1, 2022.

Establishes tax rates on single, two, and three-family homes with five-year average market value of $5 million or higher: 0.5% to 4% on the excess value above $5 million.

Imposes tax on condominiums and cooperatives with assessed value of $300,000 or higher: 10% to 13.5% on the excess value above $300,000.

Exempts properties that are the primary residence of an owner or their parent/child, properties rented full-time to tenants as their primary residence, and certain condominiums/cooperatives with appraised values below $5 million verified by a certified appraiser.

Grants cities authority to establish graduated tax rate schedules, additional exemptions, and administer the tax through their department of finance using existing collection and enforcement procedures.