N.Y. Tax Law Section 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 * NB Repealed June 30, 2031

Source: Section 1350 — Imposition of surcharge, https://www.­nysenate.­gov/legislation/laws/TAX/1350 (updated Jun. 5, 2026; accessed Jul. 25, 2026).

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Verified:
Jul. 25, 2026

Last modified:
Jun. 5, 2026

§ 1350. Imposition of surcharge's source at nysenate​.gov

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