Imposition of surcharge.
NYC Admin. Code § 11-3202
in effect§ 11-3202 Imposition of surcharge.
In accordance with article thirty-C of the tax law, in addition to any other tax or assessment imposed by this chapter or other law, and notwithstanding section three hundred five of the real property tax law, a surcharge is hereby imposed 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 in class one 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.
(2026 N.Y. Laws Ch. 59, 5/28/2026, eff. 5/28/2026)
Source: City of New York, Charter, Administrative Code and Rules (American Legal Publishing XML export, codelibrary.amlegal.com)URL: https://codelibrary.amlegal.com/codes/newyorkcity/latest/NYCadmin/0-0-0-245592Fetched: 10/24/2026