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Bill

Bill

A 1044

Imposes an additional tax surcharge on certain non-primary residence class one and class two properties in N.Y. city

2025 Regular Session Introduced by Michael Benedetto and 22 co-sponsors

Bill A 1044 imposes an extra tax surcharge on non-primary residence properties in NYC, aiming to boost city revenue and support public services.

REFERRED TO REAL PROPERTY TAXATION
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WeVote Research Nonpartisan
Bill Summary · A 1044

Summary of Bill A 1044

Bill Number: A 1044
Title: Imposes an additional tax surcharge on certain non-primary residence class one and class two properties in New York City
Status: Referred to Real Property Taxation
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

Bill A 1044 aims to impose an additional tax surcharge specifically targeting non-primary residence properties classified as class one and class two in New York City. The intent behind this legislation is to generate additional revenue for the city, potentially addressing budgetary needs and funding public services.

Key Provisions

  • Tax Surcharge: The bill proposes an additional surcharge on property taxes for non-primary residences. This includes properties that are not the owner's primary dwelling, such as rental units and vacation homes.

  • Classification of Properties: The bill focuses on properties classified under:

    • Class One: Residential properties with up to three units.
    • Class Two: Residential properties with more than three units, including apartment buildings and cooperatives.

  • Implementation Timeline: While specific implementation dates are not detailed in the current version, the bill has been referred to the Real Property Taxation committee for further consideration.

Affected Parties

  • Property Owners: Owners of non-primary residence properties in New York City will be directly impacted by the additional tax surcharge. This may influence their financial obligations and investment decisions.

  • Tenants and Renters: The bill could indirectly affect tenants and renters, as property owners may pass on the costs associated with the surcharge through increased rents.

  • City Budget: The additional revenue generated from this surcharge is intended to support the city's budget, potentially benefiting public services and infrastructure.

Legislative Context

  • Related Bills: Bill A 1044 is part of a broader legislative context, with several related bills from prior sessions, including:
    • A 1641
    • A 10192
    • A 3837
    • A 4540
    • A 5736
    • A 1814

These related bills may provide insight into ongoing discussions and legislative efforts regarding property taxation in New York City.

Conclusion

Bill A 1044 represents a significant step towards adjusting the tax framework for non-primary residence properties in New York City. By imposing an additional surcharge, the bill seeks to enhance city revenue while addressing the needs of public services. As it progresses through the legislative process, further details and potential amendments may emerge, shaping its final form and impact.

Compiled from official sources — confirm details with the bill’s official record.

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