New York S10197 allows municipalities outside New York City to tax high-value non-primary residences.

New York S10197 authorizes municipalities outside New York City to impose a tax on high-value non-primary residences. These properties 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 allowed to set a graduated rate schedule. Half of the collected tax revenue is retained by the municipality, while the other half is remitted to the state comptroller for the aid and incentives for municipalities program.

New York S10197 allows municipalities outside New York City to tax high-value non-primary residences.

New York S10197 authorizes municipalities outside New York City to impose a tax on high-value non-primary residences. These properties 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 allowed to set a graduated rate schedule. Half of the collected tax revenue is retained by the municipality, while the other half is remitted to the state comptroller for the aid and incentives for municipalities program.