N.Y. Tax Law § 1350: Imposition of surcharge

* § 1350. Imposition of surcharge. In addition to any other tax or

assessment imposed by this chapter or other law, there is hereby

imposed, beginning on July first, two thousand twenty-six, a surcharge

in accordance with this article on a covered property, or in the case of

a covered property that is a residential cooperative property, a

residential cooperative dwelling unit, that is not a primary residence,

provided that (a) for fiscal years beginning on or after July first, two

thousand twenty-six, and before July first, two thousand twenty-eight,

the phase one market value of such covered property that is a class one

property is equal to or greater than five million dollars, the phase one

market value of such covered property that is a residential condominium

dwelling unit is equal to or greater than one million dollars, or, in

the case of a covered property that is a residential cooperative

property, the phase one market value of a residential cooperative

dwelling unit within such residential cooperative property is equal to

or greater than one million dollars; and (b) for fiscal years beginning

on or after July first, two thousand twenty-eight, the phase two market

value of such covered property or, in the case of a covered property

that is a residential cooperative property, such residential cooperative

dwelling unit, is equal to or greater than five million dollars.

* NB Repealed June 30, 2031