|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Sep 29, 2014||referred to rules|
senate Bill S7941
Archive: Last Bill Status - In Senate Committee Rules Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S7941 (ACTIVE) - Details
S7941 (ACTIVE) - Sponsor Memo
BILL NUMBER:S7941 TITLE OF BILL: An act to amend the real property tax law, in relation to imposing an additional tax on certain non-primary residence class one and class two properties in a city with a population of one million or more PURPOSE OF BILL: The purpose of this legislation is to allow New York City to administer an additional graduated property tax on certain non-primary residences within the city with a market value of $5 million or more. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the Real Property Tax Law by adding a new section 307-b, authorizing the City of New York to enact a local law imposing an additional property tax on certain non-primary residences with a market value of $5 million or more. The tax would apply to 1-3 family houses, condos, and co-ops that have a market value of $5 million or more, and are not the primary residence of the owner(s) of the property, or the primary residence of the parent(s) or child(ren) of such owner(s). For the purposes of this bill, "market value" is defined as a
S7941 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 7941 I N S E N A T E September 29, 2014 ___________ Introduced by Sen. HOYLMAN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the real property tax law, in relation to imposing an additional tax on certain non-primary residence class one and class two properties in a city with a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property tax law is amended by adding a new section 307-b to read as follows: S 307-B. ADDITIONAL TAX ON CERTAIN NON-PRIMARY RESIDENCE PROPERTIES IN A CITY WITH A POPULATION OF ONE MILLION OR MORE. 1. GENERALLY. NOTWITH- STANDING ANY PROVISION OF ANY GENERAL, SPECIFIC OR LOCAL LAW TO THE CONTRARY, ANY CITY WITH A POPULATION OF ONE MILLION OR MORE IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND LOCAL LAWS IN ACCORDANCE WITH THIS SECTION IMPOSING AN ADDITIONAL TAX ON CERTAIN RESIDENTIAL PROPERTIES. 2. DEFINITIONS. AS USED IN THIS SECTION: (A) "COMMISSIONER OF FINANCE" MEANS THE COMMISSIONER OF FINANCE OF A CITY HAVING A POPULATION OF ONE MILLION OR MORE, OR HIS OR HER DESIGNEE. (B) "DEPARTMENT OF FINANCE" MEANS THE DEPARTMENT OF FINANCE OF A CITY HAVING A POPULATION OF ONE MILLION OR MORE. (C) "MARKET VALUE" SHALL MEAN THE CURRENT MONETARY VALUE OF THE PROP- ERTY, USING A COMPARABLE SALE-BASED VALUATION METHOD, AS DETERMINED BY THE DEPARTMENT OF FINANCE. 3. ADDITIONAL TAX. A LOCAL LAW ENACTED PURSUANT TO THIS SECTION MAY PROVIDE FOR A REAL PROPERTY TAX IN ACCORDANCE WITH THE FOLLOWING TABLE FOR FISCAL YEARS BEGINNING ON OR AFTER JULY FIRST, TWO THOUSAND FIFTEEN: IF THE MARKET VALUE OF THE THE TAX IS: PROPERTY IS: OVER $5,000,000 BUT NOT $0 PLUS .5% OF EXCESS OVER $6,000,000 OVER $5,000,000 OVER $6,000,000 $5,000 PLUS 1% OF EXCESS BUT NOT OVER $10,000,000 OVER $6,000,000 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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