NY A01044

Authorizes cities with populations of one million or more (New York City) to impose an additional tax on non-primary residence properties starting July 1, 2026

Sets tax rates for 1-3 family homes valued at $5 million or more at 0.5% to 4% on the excess market value above $5 million

Sets tax rates for condominiums and cooperative units with assessed values of $300,000 or more at 10% to 13.5% on the excess assessed value above $300,000

Exempts properties that serve as the primary residence of an owner, an owner's parent or child, or a full-time tenant, as well as co-ops/condos with certified appraisals showing value under $5 million

Allows local governments to establish graduated rate schedules within the specified limits and create additional exemptions beyond those required by the state law