New York bill A01044 proposes an additional tax on certain non-primary residence properties in cities with over one million residents.

Bill A01044 amends the real property tax law to authorize cities with a population of one million or more to impose an additional tax on certain non-primary residence properties. The tax applies to one, two, or three family residences with a five-year average market value of five million dollars or higher, and residential properties held in the condominium or cooperative form of ownership with an assessed value of three hundred thousand dollars or higher. The tax rates vary based on property type and value.

New York bill A01044 proposes an additional tax on certain non-primary residence properties in cities with over one million residents.

Bill A01044 amends the real property tax law to authorize cities with a population of one million or more to impose an additional tax on certain non-primary residence properties. The tax applies to one, two, or three family residences with a five-year average market value of five million dollars or higher, and residential properties held in the condominium or cooperative form of ownership with an assessed value of three hundred thousand dollars or higher. The tax rates vary based on property type and value.