N.Y. Tax Law § 1402-b: Supplemental tax in cities having a population of one million or more

§ 1402-b. Supplemental tax in cities having a population of one

million or more. (a) In addition to the taxes imposed by sections

fourteen hundred two and fourteen hundred two-a of this article, a tax

is hereby imposed on each conveyance of residential real property or

interest therein within any city in this state having a population of

one million or more when the consideration for the conveyance is two

million dollars or more. For purposes of this section, residential real

property shall include any premises that is or may be used in whole or

in part as a personal residence, and shall include a one, two, or

three-family house, an individual condominium unit, or a cooperative

apartment unit. Such tax shall be paid at the same time and in the same

manner as the taxes imposed by sections fourteen hundred two and

fourteen hundred two-a of this article.

The rate of such tax shall be:

(1) one-quarter of one percent of the consideration or part thereof

attributable to the residential real property when such consideration

for the entire conveyance is at least two million dollars but less than

three million dollars;

(2) one-half of one percent of the consideration or part thereof

attributable to the residential real property when such consideration

for the entire conveyance is at least three million dollars but less

than five million dollars;

(3) one and one-quarter percent of the consideration or part thereof

attributable to the residential real property when such consideration

for the entire conveyance is at least five million dollars but less than

ten million dollars;

(4) two and one-quarter percent of the consideration or part thereof

attributable to the residential real property when such consideration

for the entire conveyance is at least ten million dollars but less than

fifteen million dollars;

(5) two and one-half percent of the consideration or part thereof

attributable to the residential real property when such consideration

for the entire conveyance is at least fifteen million dollars but less

than twenty million dollars;

(6) two and three-quarters percent of the consideration or part

thereof attributable to the residential real property when such

consideration for the entire conveyance is at least twenty million

dollars but less than twenty-five million dollars; and

(7) two and nine-tenths percent of the consideration or part thereof

attributable to the residential real property when such consideration

for the entire conveyance is at least twenty-five million dollars.

(b) Notwithstanding the provisions of subdivision (a) of section

fourteen hundred four of this article, the tax imposed by this section

shall be paid by the grantee. If the grantee has failed to pay the tax

imposed by this article at the time required by section fourteen hundred

ten of this article or if the grantee is exempt from such tax, the

grantor shall have the duty to pay the tax. Where the grantor has the

duty to pay the tax because the grantee has failed to pay, such tax

shall be the joint and several liability of the grantor and the grantee.

(c) Except as otherwise provided in this section, all the provisions

of this article relating to or applicable to the administration,

collection, determination and distribution of the tax imposed by section

fourteen hundred two of this article shall apply to the tax imposed

under the authority of this section with such modifications as may be

necessary to adapt such language to the tax so authorized. Such

provisions shall apply with the same force and effect as if those

provisions had been set forth in this section except to the extent that

any provision is either inconsistent with a provision of this section or

not relevant to the tax authorized by this section.