NY A01814

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

Establishes tax rates for three property types: one to three family residences at 0.5-4% on excess value above $5 million; condominiums at 10-13.5% on excess value above $300,000; and cooperative dwelling units at 10-13.5% on excess value above $300,000.

Requires exemptions for properties that are primary residences of owners or their parents/children, rented full-time to tenants as their primary residence, or condominiums/cooperatives with appraised values below $5 million.

Permits local legislative bodies to establish graduated tax rate schedules at varying rates and thresholds within the specified limits.

Applies to fiscal years beginning July 1, 2024 or later and grants the commissioner of finance authority to administer, collect, and enforce the tax through existing city tax administration procedures.