Authorizes municipalities located outside the city of New York to impose a tax on high-value non-primary residences having a five-year average market value threshold as set by the municipality between 2.5 and 5 million dollars or more; provides for authorized rates of taxation, administration and enforcement, and revenue distribution.
S T A T E O F N E W Y O R K
________________________________________________________________________
11316
I N A S S E M B L Y
May 11, 2026
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Shrestha) --
read once and referred to the Committee on Ways and Means
AN ACT to amend the general municipal law, in relation to authorizing
certain municipalities to impose a tax on certain high-value non-pri-
mary residences
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The general municipal law is amended by adding a new
section 3-d to read as follows:
§ 3-D. AUTHORIZATION TO IMPOSE A TAX ON CERTAIN HIGH-VALUE NON-PRIMARY
RESIDENCES. 1. DEFINITIONS. FOR PURPOSES OF THIS SECTION THE FOLLOWING
TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(A) "MUNICIPALITY" MEANS ANY CITY, TOWN, OR VILLAGE LOCATED OUTSIDE
THE CITY OF NEW YORK.
(B) "COVERED PROPERTY" MEANS REAL PROPERTY:
(I) CLASSIFIED AS A ONE-FAMILY, TWO-FAMILY, OR THREE-FAMILY RESIDEN-
TIAL PROPERTY;
(II) HAVING A FIVE-YEAR AVERAGE MARKET VALUE EQUAL TO OR GREATER THAN
THE APPLICABLE THRESHOLD ESTABLISHED BY LOCAL LAW PURSUANT TO SUBDIVI-
SION TWO OF THIS SECTION; AND
(III) THAT:
(A) IS NOT THE PRIMARY RESIDENCE OF ITS OWNER;
(B) IS NOT LEASED OR RENTED TO A PERSON USING SUCH PROPERTY AS THEIR
PRIMARY RESIDENCE; AND
(C) IS NOT OCCUPIED AS A PRIMARY RESIDENCE BY A MEMBER OF THE OWNER'S
FAMILY.
(C) "PRIMARY RESIDENCE" SHALL MEAN THE DWELLING UNIT WHERE A NATURAL
PERSON RESIDES FOR THE MAJORITY OF THE CALENDAR YEAR AND WHICH IS DESIG-
NATED AS SUCH FOR INCOME TAX PURPOSES.
(D) "OWNER" SHALL MEAN ANY INDIVIDUAL OR ENTITY HOLDING LEGAL TITLE TO
THE PROPERTY; PROVIDED, HOWEVER, THAT ELIGIBILITY FOR TAXATION UNDER
THIS SECTION SHALL REQUIRE THAT AT LEAST ONE BENEFICIAL OWNER MAINTAINS
A PRIMARY RESIDENCE OUTSIDE THE MUNICIPALITY IN WHICH THE COVERED PROP-
ERTY IS LOCATED.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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