S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1814
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2023
                                ___________
 
 Introduced  by  M.  of  A. GLICK, L. ROSENTHAL, REYES, RIVERA, DINOWITZ,
   JEAN-PIERRE, EPSTEIN, WEPRIN, CRUZ, TAYLOR,  STECK,  FAHY,  BENEDETTO,
   JACOBSON,  SIMON,  BUTTENSCHON, SAYEGH, HUNTER, JOYNER, CARROLL, WOER-
   NER, GUNTHER, RAMOS, JONES, STERN, LUPARDO -- 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 AND DWELLING UNITS.
   2. DEFINITIONS. AS USED IN THIS SECTION:  (A) "ASSESSED  VALUE"  MEANS
 THE DETERMINATION MADE BY THE ASSESSORS OF A CITY HAVING A POPULATION OF
 ONE MILLION OR MORE OF THE VALUATION OF REAL PROPERTY.
   (B)  "ASSESSED  VALUE  ATTRIBUTABLE TO A TENANT-STOCKHOLDER" MEANS THE
 PROPORTION OF THE ASSESSED VALUE OF REAL PROPERTY OWNED BY A COOPERATIVE
 APARTMENT CORPORATION, REPRESENTED BY A  TENANT-STOCKHOLDER'S  SHARE  OR
 SHARES  OF  STOCK  IN  SUCH  CORPORATION  AS  DETERMINED BY ITS OR THEIR
 PROPORTIONAL RELATIONSHIP TO THE TOTAL OUTSTANDING STOCK OF  THE  CORPO-
 RATION, INCLUDING THAT OWNED BY THE CORPORATION.
   (C)  "COMMISSIONER  OF FINANCE" MEANS THE COMMISSIONER OF FINANCE OF A
 CITY HAVING A POPULATION OF ONE MILLION OR MORE, OR HIS OR HER DESIGNEE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD02952-01-3
 A. 1814                             2
              

 
   (D) "DEPARTMENT OF FINANCE" MEANS THE DEPARTMENT OF FINANCE OF A  CITY
 HAVING A POPULATION OF ONE MILLION OR MORE.
   (E)  "FIVE-YEAR  AVERAGE MARKET VALUE" SHALL MEAN THE AVERAGE MONETARY
 VALUE OF A PROPERTY FOR THE PREVIOUS  FIVE  YEARS,  USING  A  COMPARABLE
 SALE-BASED VALUATION METHOD, AS DETERMINED BY THE DEPARTMENT OF FINANCE.
   3.  ADDITIONAL  TAX.  (A) A LOCAL LAW ENACTED PURSUANT TO THIS SECTION
 MAY PROVIDE FOR A TAX AS FOLLOWS FOR FISCAL YEARS BEGINNING ON OR  AFTER
 JULY FIRST, TWO THOUSAND TWENTY-FOUR:
   (I)  FOR  ONE, TWO OR THREE FAMILY RESIDENCES WITH A FIVE-YEAR AVERAGE
 MARKET VALUE OF FIVE MILLION DOLLARS OR HIGHER, A TAX OF AT  LEAST  ONE-
 HALF  PERCENT  AND  NO MORE THAN FOUR PERCENT ON THE EXCESS MARKET VALUE
 ABOVE FIVE MILLION DOLLARS.
   (II) FOR RESIDENTIAL REAL PROPERTY HELD IN  THE  CONDOMINIUM  FORM  OF
 OWNERSHIP  WITH  AN  ASSESSED VALUE OF THREE HUNDRED THOUSAND DOLLARS OR
 HIGHER, A TAX OF AT LEAST TEN PERCENT AND  NO  MORE  THAN  THIRTEEN  AND
 ONE-HALF  PERCENT OF THE EXCESS ASSESSED VALUE ABOVE THREE HUNDRED THOU-
 SAND DOLLARS.
   (III) FOR DWELLING UNITS IN A PROPERTY HELD IN THE COOPERATIVE FORM OF
 OWNERSHIP WITH AN ASSESSED VALUE ATTRIBUTABLE TO A TENANT-STOCKHOLDER OF
 THREE HUNDRED THOUSAND DOLLARS OR HIGHER, A TAX OF AT LEAST TEN  PERCENT
 AND  NO  MORE  THAN THIRTEEN AND ONE-HALF PERCENT OF THE EXCESS ASSESSED
 VALUE ABOVE THREE HUNDRED THOUSAND DOLLARS. THE ADDITIONAL TAXES ATTRIB-
 UTABLE TO EACH TENANT-STOCKHOLDER SHALL  BE  ADDED  BY  THE  COOPERATIVE
 APARTMENT  CORPORATION  TO THE AMOUNT OF SUCH TAXES OTHERWISE PAYABLE BY
 OR CHARGEABLE TO SUCH TENANT-STOCKHOLDER.
   (B) SUBJECT TO THE LIMITATIONS ESTABLISHED IN PARAGRAPH  (A)  OF  THIS
 SUBDIVISION,  ANY SUCH LOCAL LAW MAY ESTABLISH A GRADUATED RATE SCHEDULE
 FOR IMPOSING SUCH TAX, AT RATES AND EXCESS VALUE THRESHOLDS AS THE LOCAL
 LEGISLATIVE BODY DETERMINES APPROPRIATE.
   (C) EXCEPT AS OTHERWISE PROVIDED IN THIS  SECTION,  SUCH  TAX  MAY  BE
 IMPOSED,  ADMINISTERED,  COLLECTED  AND  ENFORCED BY THE COMMISSIONER OF
 FINANCE OF SUCH CITY BY SUCH MEANS AND IN SUCH  MANNER  AS  OTHER  TAXES
 THAT  ARE  NOW  IMPOSED,  ADMINISTERED,  COLLECTED  AND ENFORCED BY SUCH
 COMMISSIONER IN ACCORDANCE WITH THE CHARTER OR  ADMINISTRATIVE  CODE  OF
 ANY SUCH CITY OR AS OTHERWISE MAY BE PROVIDED BY ANY SUCH LOCAL LAW.
   4.  EXEMPTIONS. (A) A LOCAL LAW ENACTED PURSUANT TO THIS SECTION SHALL
 INCLUDE AN EXEMPTION FROM THE ADDITIONAL  TAX  IMPOSED  FOR  RESIDENTIAL
 PROPERTIES  OR  DWELLING UNITS THAT ARE: (I) THE PRIMARY RESIDENCE OF AT
 LEAST ONE OWNER OF THE PROPERTY OR DWELLING UNIT; (II) THE PRIMARY RESI-
 DENCE OF A PARENT OR CHILD OF AT LEAST ONE  OWNER  OF  THE  PROPERTY  OR
 DWELLING  UNIT;  (III)  HELD  IN  THE CONDOMINIUM OR COOPERATIVE FORM OF
 OWNERSHIP WITH AN ASSESSED VALUE OR ASSESSED  VALUE  ATTRIBUTABLE  TO  A
 TENANT-STOCKHOLDER  OF  THREE  HUNDRED THOUSAND DOLLARS OR HIGHER, WHERE
 THE OWNER HAS WITHIN THE PRIOR THREE YEARS OBTAINED AN APPRAISAL  REPORT
 CERTIFIED BY A STATE CERTIFIED REAL ESTATE APPRAISER OR AUTHENTICATED BY
 A  STATE  LICENSED  REAL ESTATE APPRAISER, AS THOSE TERMS ARE DEFINED IN
 SECTION ONE HUNDRED SIXTY-A OF THE EXECUTIVE LAW, SHOWING THAT THE RESI-
 DENTIAL PROPERTY OR DWELLING UNIT HAS AN APPRAISED VALUE  OF  LESS  THAN
 FIVE MILLION DOLLARS; OR (IV) RENTED ON A FULL-TIME BASIS TO A TENANT OR
 TENANTS  FOR  WHOM  THE PROPERTY OR DWELLING UNIT IS THEIR PRIMARY RESI-
 DENCE.
   (B) PROOF THAT A RESIDENTIAL PROPERTY OR DWELLING UNIT IS ELIGIBLE FOR
 AN EXEMPTION PROVIDED IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL  BE  IN
 SUCH  FORM  AS REQUIRED BY LOCAL LAW OR THE RULES OF THE COMMISSIONER OF
 FINANCE.
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   (C) ANY SUCH LOCAL LAW MAY PROVIDE FOR EXEMPTIONS  FROM  SUCH  TAX  IN
 ADDITION TO THOSE SPECIFIED IN THIS SUBDIVISION.
   (D)  IN  THE  EVENT THAT A PROPERTY GRANTED AN EXEMPTION FROM TAXATION
 PURSUANT TO THIS SECTION OR LOCAL LAW CEASES TO  BE  USED  IN  A  MANNER
 MAKING  THE  PROPERTY  ELIGIBLE  FOR SUCH EXEMPTION, THE OWNER OR OWNERS
 SHALL SO NOTIFY THE COMMISSIONER OF FINANCE IN A TIME, FORM  AND  MANNER
 AS SO REQUIRED BY LOCAL LAW OR THE RULES OF THE COMMISSIONER.
   5.  RULES.  THE DEPARTMENT OF FINANCE OF ANY CITY ENACTING A LOCAL LAW
 PURSUANT TO THIS SECTION SHALL HAVE, IN ADDITION TO ANY OTHER FUNCTIONS,
 POWERS AND DUTIES WHICH HAVE BEEN OR MAY BE CONFERRED ON IT BY LAW,  THE
 POWER  TO  MAKE  AND  PROMULGATE RULES TO CARRY OUT THE PURPOSES OF THIS
 SECTION.
   § 2. This act shall take effect immediately.