New York S 10197: Authorizes certain municipalities to impose a tax on certain high-value non-primary residences

Bill Text

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S10197 Summary:

BILL NOS10197 

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SAME ASSAME AS A11316

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SPONSORFAHY

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COSPNSR

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MLTSPNSR

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Add §3-d, Gen Muni L

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Authorizes municipalities located outside the city of New York to impose a tax on high-value non-primary residences having a five-year average market value threshold as set by the municipality between 2.5 and 5 million dollars or more; provides for authorized rates of taxation, administration and enforcement, and revenue distribution.

Go to top S10197 Actions:

BILL NOS10197 

&nbsp

05/05/2026REFERRED TO LOCAL GOVERNMENT

Go to topS10197 Committee&nbspVotes:

Go to topS10197 Floor&nbspVotes:

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

Go to topS10197 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10197

 IN SENATE

 May 5, 2026
 ___________

 Introduced by Sen. FAHY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to amend the general municipal law, in relation to authorizing
 certain municipalities to impose a tax on certain high-value non-pri-
 mary residences

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The general municipal law is amended by adding a new
 2 section 3-d to read as follows:
 3 § 3-d. Authorization to impose a tax on certain high-value non-primary
 4 residences. 1. Definitions. For purposes of this section the following
 5 terms shall have the following meanings:
 6 (a) "Municipality" means any city, town, or village located outside
 7 the city of New York.
 8 (b) "Covered property" means real property:
 9 (i) classified as a one-family, two-family, or three-family residen-
 10 tial property;
 11 (ii) having a five-year average market value equal to or greater than
 12 the applicable threshold established by local law pursuant to subdivi-
 13 sion two of this section; and
 14 (iii) that:
 15 (A) is not the primary residence of its owner;
 16 (B) is not leased or rented to a person using such property as their
 17 primary residence; and
 18 (C) is not occupied as a primary residence by a member of the owner's
 19 family.
 20 (c) "Primary residence" shall mean the dwelling unit where a natural
 21 person resides for the majority of the calendar year and which is desig-
 22 nated as such for income tax purposes.
 23 (d) "Owner" shall mean any individual or entity holding legal title to
 24 the property; provided, however, that eligibility for taxation under
 25 this section shall require that at least one beneficial owner maintains
 26 a primary residence outside the municipality in which the covered prop-
 27 erty is located.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15735-02-6

 S. 10197 2

 1 (e) "Five-year average market value" shall mean the average of the
 2 full market value of a property as determined for assessment purposes
 3 over the preceding five assessment rolls.
 4 2. Authorization. (a) Notwithstanding any other provision of law, any
 5 municipality is hereby authorized and empowered to adopt and amend local
 6 laws imposing a tax on covered properties within its jurisdiction in
 7 accordance with this section.
 8 (b) (i) Any municipality adopting a local law pursuant to this section
 9 shall establish a minimum market value threshold for the applicability
 10 of the tax authorized herein.
 11 (ii) Such threshold shall not be less than two million five hundred
 12 thousand dollars and shall not exceed five million dollars, as deter-
 13 mined by local law.
 14 (iii) A municipality may, by local law, periodically adjust such
 15 threshold within the range authorized by this subdivision.
 16 3. Rate of tax. (a) A tax imposed under this section shall be imposed
 17 annually at a rate not less than one-half of one percent and not more
 18 than four percent.
 19 (b) A municipality may establish a graduated rate schedule within such
 20 minimum and maximum rates under paragraph (a) of this subdivision.
 21 4. Administration and enforcement. (a) The tax authorized by this
 22 section shall be imposed, administered, collected, and enforced in the
 23 same manner as real property taxes or other local taxes, unles