S T A T E   O F   N E W   Y O R K
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                                   5736
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 24, 2021
                                ___________
 
 Introduced by M. of A. GLICK, O'DONNELL, GOTTFRIED, L. ROSENTHAL, REYES,
   J. RIVERA,  DINOWITZ,  JEAN-PIERRE, EPSTEIN, WEPRIN, NIOU, RICHARDSON,
   CRUZ, TAYLOR, STECK, SEAWRIGHT, FAHY, BENEDETTO, JACOBSON,  FERNANDEZ,
   PICHARDO,  DE LA ROSA,  SIMON,  BUTTENSCHON,  SAYEGH,  HUNTER, JOYNER,
   CARROLL, WOERNER, GUNTHER, RAMOS, GRIFFIN, JONES,  STERN,  LUPARDO  --
   Multi-Sponsored  by -- M. of A. NOLAN -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation  to  imposing  an
   additional  tax  on  certain non-primary residence class one and class
   two properties in a city with a population of one million or more
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 307-b to read as follows:
   § 307-B. ADDITIONAL TAX ON CERTAIN NON-PRIMARY RESIDENCE PROPERTIES IN
 A CITY WITH A POPULATION OF ONE MILLION OR MORE. 1. GENERALLY.  NOTWITH-
 STANDING  ANY  PROVISION  OF  ANY  GENERAL, SPECIFIC OR LOCAL LAW TO THE
 CONTRARY, ANY CITY WITH A POPULATION OF ONE MILLION OR  MORE  IS  HEREBY
 AUTHORIZED  AND  EMPOWERED  TO  ADOPT AND AMEND LOCAL LAWS IN ACCORDANCE
 WITH THIS SECTION IMPOSING AN  ADDITIONAL  TAX  ON  CERTAIN  RESIDENTIAL
 PROPERTIES AND DWELLING UNITS.
   2.  DEFINITIONS.  AS USED IN THIS SECTION:  (A) "ASSESSED VALUE" MEANS
 THE DETERMINATION MADE BY THE ASSESSORS OF A CITY HAVING A POPULATION OF
 ONE MILLION OR MORE OF THE VALUATION OF REAL PROPERTY.
   (B) "ASSESSED VALUE ATTRIBUTABLE TO A  TENANT-STOCKHOLDER"  MEANS  THE
 PROPORTION OF THE ASSESSED VALUE OF REAL PROPERTY OWNED BY A COOPERATIVE
 APARTMENT  CORPORATION,  REPRESENTED  BY A TENANT-STOCKHOLDER'S SHARE OR
 SHARES OF STOCK IN SUCH  CORPORATION  AS  DETERMINED  BY  ITS  OR  THEIR
 PROPORTIONAL  RELATIONSHIP  TO THE TOTAL OUTSTANDING STOCK OF THE CORPO-
 RATION, INCLUDING THAT OWNED BY THE CORPORATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05566-01-1
              

 A. 5736                             2
 
   (C) "COMMISSIONER OF FINANCE" MEANS THE COMMISSIONER OF FINANCE  OF  A
 CITY HAVING A POPULATION OF ONE MILLION OR MORE, OR HIS OR HER DESIGNEE.
   (D)  "DEPARTMENT OF FINANCE" MEANS THE DEPARTMENT OF FINANCE OF A CITY
 HAVING A POPULATION OF ONE MILLION OR MORE.
   (E) "FIVE-YEAR AVERAGE MARKET VALUE" SHALL MEAN THE  AVERAGE  MONETARY
 VALUE  OF  A  PROPERTY  FOR  THE PREVIOUS FIVE YEARS, USING A COMPARABLE
 SALE-BASED VALUATION METHOD, AS DETERMINED BY THE DEPARTMENT OF FINANCE.
   3. ADDITIONAL TAX. (A) A LOCAL LAW ENACTED PURSUANT  TO  THIS  SECTION
 MAY  PROVIDE FOR A TAX AS FOLLOWS FOR FISCAL YEARS BEGINNING ON OR AFTER
 JULY FIRST, TWO THOUSAND TWENTY-TWO:
   (I) FOR ONE, TWO OR THREE FAMILY RESIDENCES WITH A  FIVE-YEAR  AVERAGE
 MARKET  VALUE  OF FIVE MILLION DOLLARS OR HIGHER, A TAX OF AT LEAST ONE-
 HALF PERCENT AND NO MORE THAN FOUR PERCENT ON THE  EXCESS  MARKET  VALUE
 ABOVE FIVE MILLION DOLLARS.
   (II)  FOR  RESIDENTIAL  REAL  PROPERTY HELD IN THE CONDOMINIUM FORM OF
 OWNERSHIP WITH AN ASSESSED VALUE OF THREE HUNDRED  THOUSAND  DOLLARS  OR
 HIGHER,  A  TAX  OF  AT  LEAST TEN PERCENT AND NO MORE THAN THIRTEEN AND
 ONE-HALF PERCENT OF THE EXCESS ASSESSED VALUE ABOVE THREE HUNDRED  THOU-
 SAND DOLLARS.
   (III) FOR DWELLING UNITS IN A PROPERTY HELD IN THE COOPERATIVE FORM OF
 OWNERSHIP WITH AN ASSESSED VALUE ATTRIBUTABLE TO A TENANT-STOCKHOLDER OF
 THREE  HUNDRED THOUSAND DOLLARS OR HIGHER, A TAX OF AT LEAST TEN PERCENT
 AND NO MORE THAN THIRTEEN AND ONE-HALF PERCENT OF  THE  EXCESS  ASSESSED
 VALUE ABOVE THREE HUNDRED THOUSAND DOLLARS. THE ADDITIONAL TAXES ATTRIB-
 UTABLE  TO  EACH  TENANT-STOCKHOLDER  SHALL  BE ADDED BY THE COOPERATIVE
 APARTMENT CORPORATION TO THE AMOUNT OF SUCH TAXES OTHERWISE  PAYABLE  BY
 OR CHARGEABLE TO SUCH TENANT-STOCKHOLDER.
   (B)  SUBJECT  TO  THE LIMITATIONS ESTABLISHED IN PARAGRAPH (A) OF THIS
 SUBDIVISION, ANY SUCH LOCAL LAW MAY ESTABLISH A GRADUATED RATE  SCHEDULE
 FOR IMPOSING SUCH TAX, AT RATES AND EXCESS VALUE THRESHOLDS AS THE LOCAL
 LEGISLATIVE BODY DETERMINES APPROPRIATE.
   (C)  EXCEPT  AS  OTHERWISE  PROVIDED  IN THIS SECTION, SUCH TAX MAY BE
 IMPOSED, ADMINISTERED, COLLECTED AND ENFORCED  BY  THE  COMMISSIONER  OF
 FINANCE  OF  SUCH  CITY  BY SUCH MEANS AND IN SUCH MANNER AS OTHER TAXES
 THAT ARE NOW IMPOSED,  ADMINISTERED,  COLLECTED  AND  ENFORCED  BY  SUCH
 COMMISSIONER  IN  ACCORDANCE  WITH THE CHARTER OR ADMINISTRATIVE CODE OF
 ANY SUCH CITY OR AS OTHERWISE MAY BE PROVIDED BY ANY SUCH LOCAL LAW.
   4. EXEMPTIONS. (A) A LOCAL LAW ENACTED PURSUANT TO THIS SECTION  SHALL
 INCLUDE  AN  EXEMPTION  FROM  THE ADDITIONAL TAX IMPOSED FOR RESIDENTIAL
 PROPERTIES OR DWELLING UNITS THAT ARE: (I) THE PRIMARY RESIDENCE  OF  AT
 LEAST ONE OWNER OF THE PROPERTY OR DWELLING UNIT; (II) THE PRIMARY RESI-
 DENCE  OF  A  PARENT  OR  CHILD OF AT LEAST ONE OWNER OF THE PROPERTY OR
 DWELLING UNIT; (III) HELD IN THE  CONDOMINIUM  OR  COOPERATIVE  FORM  OF
 OWNERSHIP  WITH  AN  ASSESSED  VALUE OR ASSESSED VALUE ATTRIBUTABLE TO A
 TENANT-STOCKHOLDER OF THREE HUNDRED THOUSAND DOLLARS  OR  HIGHER,  WHERE
 THE  OWNER HAS WITHIN THE PRIOR THREE YEARS OBTAINED AN APPRAISAL REPORT
 CERTIFIED BY A STATE CERTIFIED REAL ESTATE APPRAISER OR AUTHENTICATED BY
 A STATE LICENSED REAL ESTATE APPRAISER, AS THOSE TERMS  ARE  DEFINED  IN
 SECTION ONE HUNDRED SIXTY-A OF THE EXECUTIVE LAW, SHOWING THAT THE RESI-
 DENTIAL  PROPERTY  OR  DWELLING UNIT HAS AN APPRAISED VALUE OF LESS THAN
 FIVE MILLION DOLLARS; OR (IV) RENTED ON A FULL-TIME BASIS TO A TENANT OR
 TENANTS FOR WHOM THE PROPERTY OR DWELLING UNIT IS  THEIR  PRIMARY  RESI-
 DENCE.
   (B) PROOF THAT A RESIDENTIAL PROPERTY OR DWELLING UNIT IS ELIGIBLE FOR
 AN  EXEMPTION  PROVIDED IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE IN

 A. 5736                             3
 
 SUCH FORM AS REQUIRED BY LOCAL LAW OR THE RULES OF THE  COMMISSIONER  OF
 FINANCE.
   (C)  ANY  SUCH  LOCAL  LAW MAY PROVIDE FOR EXEMPTIONS FROM SUCH TAX IN
 ADDITION TO THOSE SPECIFIED IN THIS SUBDIVISION.
   (D) IN THE EVENT THAT A PROPERTY GRANTED AN  EXEMPTION  FROM  TAXATION
 PURSUANT  TO  THIS  SECTION  OR  LOCAL LAW CEASES TO BE USED IN A MANNER
 MAKING THE PROPERTY ELIGIBLE FOR SUCH EXEMPTION,  THE  OWNER  OR  OWNERS
 SHALL  SO  NOTIFY THE COMMISSIONER OF FINANCE IN A TIME, FORM AND MANNER
 AS SO REQUIRED BY LOCAL LAW OR THE RULES OF THE COMMISSIONER.
   5. RULES. THE DEPARTMENT OF FINANCE OF ANY CITY ENACTING A  LOCAL  LAW
 PURSUANT TO THIS SECTION SHALL HAVE, IN ADDITION TO ANY OTHER FUNCTIONS,
 POWERS  AND DUTIES WHICH HAVE BEEN OR MAY BE CONFERRED ON IT BY LAW, THE
 POWER TO MAKE AND PROMULGATE RULES TO CARRY OUT  THE  PURPOSES  OF  THIS
 SECTION.
   § 2. This act shall take effect immediately.