New York A 1044: Requires county clerks to designate one newspaper for the publication of judicial proceedings in the county

Bill Text

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A01044 Summary:

BILL NOA01044 

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SAME ASNo Same As

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SPONSORGlick

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COSPNSRRosenthal, Reyes, Rivera, Dinowitz, Epstein, Weprin, Cruz, Taylor, Steck, Benedetto, Jacobson,
 Simon, Buttenschon, Sayegh, Hunter, Carroll R, Woerner, Ramos, Jones, Stern, Lupardo, Simone

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MLTSPNSR

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Add §307-b, RPT L

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Imposes an additional tax surcharge on certain non-primary residence class one and class two properties in a city with a population of one million or more.

Go to top A01044 Actions:

BILL NOA01044 

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01/08/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA01044 Committee&nbspVotes:

Go to topA01044 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA01044 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1044

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 8, 2025
 ___________

 Introduced by M. of A. GLICK, ROSENTHAL, REYES, RIVERA, DINOWITZ,
 EPSTEIN, WEPRIN, CRUZ, TAYLOR, STECK, BENEDETTO, JACOBSON, SIMON,
 BUTTENSCHON, SAYEGH, HUNTER, R. CARROLL, WOERNER, RAMOS, JONES, STERN,
 LUPARDO, SIMONE -- 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:

 1 Section 1. The real property tax law is amended by adding a new
 2 section 307-b to read as follows:
 3 § 307-b. Additional tax on certain non-primary residence properties in
 4 a city with a population of one million or more. 1. Generally. Notwith-
 5 standing any provision of any general, specific or local law to the
 6 contrary, any city with a population of one million or more is hereby
 7 authorized and empowered to adopt and amend local laws in accordance
 8 with this section imposing an additional tax on certain residential
 9 properties and dwelling units.
 10 2. Definitions. As used in this section: (a) "Assessed value" means
 11 the determination made by the assessors of a city having a population of
 12 one million or more of the valuation of real property.
 13 (b) "Assessed value attributable to a tenant-stockholder" means the
 14 proportion of the assessed value of real property owned by a cooperative
 15 apartment corporation, represented by a tenant-stockholder's share or
 16 shares of stock in such corporation as determined by its or their
 17 proportional relationship to the total outstanding stock of the corpo-
 18 ration, including that owned by the corporation.
 19 (c) "Commissioner of finance" means the commissioner of finance of a
 20 city having a population of one million or more, or such commissioner's
 21 designee.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02655-01-5

 A. 1044 2

 1 (d) "Department of finance" means the department of finance of a city
 2 having a population of one million or more.
 3 (e) "Five-year average market value" shall mean the average monetary
 4 value of a property for the previous five years, using a comparable
 5 sale-based valuation method, as determined by the department of finance.
 6 3. Additional tax. (a) A local law enacted pursuant to this section
 7 may provide for a tax as follows for fiscal years beginning on or after
 8 July first, two thousand twenty-six:
 9 (i) For one, two or three family residences with a five-year average
 10 market value of five million dollars or higher, a tax of at least one-
 11 half percent and no more than four percent on the excess market value
 12 above five million dollars.
 13 (ii) For residential real property held in the condominium form of
 14 ownership with an assessed value of three hundred thousand dollars or
 15 higher, a tax of at least ten percent and no more than thirteen and
 16 one-half percent of the excess assessed value above three hundred thou-
 17 sand dollars.
 18 (iii) For dwelling units in a property held in the cooperative form of
 19 ownership with an assessed value attributable to a tenant-stockholder of
 20 three hundred thousand do