New York S07516 amends the real property tax law to implement transfer assessments for certain properties in cities.

New York S07516 amends the real property tax law by adding a new subdivision to Section 1805. This amendment requires assessors to determine transfer assessments for class one or class two parcels in special assessing units within cities, starting from the 2026 assessment roll. The transfer assessment applies to parcels where the market value, as determined by the New York City Department of Finance, exceeds the assessed value at the time of title transfer. This assessment is applied to the first assessment roll after the transfer and for the next two subsequent rolls.

New York S07516 amends the real property tax law to implement transfer assessments for certain properties in cities.

New York S07516 amends the real property tax law by adding a new subdivision to Section 1805. This amendment requires assessors to determine transfer assessments for class one or class two parcels in special assessing units within cities, starting from the 2026 assessment roll. The transfer assessment applies to parcels where the market value, as determined by the New York City Department of Finance, exceeds the assessed value at the time of title transfer. This assessment is applied to the first assessment roll after the transfer and for the next two subsequent rolls.