Establishes a tax on certain vacant residential properties in New York City; provides exemptions for specific properties.

The bill establishes a tax on residential properties in New York City that have been vacant for at least 180 days or are not the primary residence of any individual. The tax rate is 1.5% of the assessed property value for the first two years of vacancy and 3% thereafter. Exemptions apply to properties built within the previous year, where the owner died in the previous year, undergoing renovation, or where occupants are temporarily moved to a care facility with the expectation of returning. Revenues from the tax will fund a tax credit for properties not paying the vacancy tax.

Establishes a tax on certain vacant residential properties in New York City; provides exemptions for specific properties.

The bill establishes a tax on residential properties in New York City that have been vacant for at least 180 days or are not the primary residence of any individual. The tax rate is 1.5% of the assessed property value for the first two years of vacancy and 3% thereafter. Exemptions apply to properties built within the previous year, where the owner died in the previous year, undergoing renovation, or where occupants are temporarily moved to a care facility with the expectation of returning. Revenues from the tax will fund a tax credit for properties not paying the vacancy tax.