Authorizes municipalities outside New York City to tax high-value non-primary residences with a five-year average market value between $2.5 million.

This bill allows municipalities outside New York City to impose a tax on high-value non-primary residences. These residences must have a five-year average market value between $2.5 million and $5 million. The tax rate can range from 0.5% to 4%, with municipalities able to set graduated rates within this range. Half of the collected tax revenue goes to the municipality, and the other half is remitted to the state comptroller for the aid and incentives for municipalities program.

Authorizes municipalities outside New York City to tax high-value non-primary residences with a five-year average market value between $2.5 million.

This bill allows municipalities outside New York City to impose a tax on high-value non-primary residences. These residences must have a five-year average market value between $2.5 million and $5 million. The tax rate can range from 0.5% to 4%, with municipalities able to set graduated rates within this range. Half of the collected tax revenue goes to the municipality, and the other half is remitted to the state comptroller for the aid and incentives for municipalities program.