|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Feb 04, 2019||referred to real property taxation|
assembly Bill A4540
Current Bill Status - In Assembly Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
A4540 (ACTIVE) - Details
A4540 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4540 2019-2020 Regular Sessions I N A S S E M B L Y February 4, 2019 ___________ Introduced by M. of A. GLICK, O'DONNELL, GOTTFRIED -- read once and referred to the Committee on Real Property Taxation 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: § 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 TWENTY: 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
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