§ 1402-B — Supplemental tax in cities having a population of one million or more

New York § 1402-B

• Jurisdiction: New York
• Law TAX: Tax
• Art. 31: Real Estate Transfer Tax

Text

§ 1402-b. Supplemental tax in cities having a population of one\nmillion or more. (a) In addition to the taxes imposed by sections\nfourteen hundred two and fourteen hundred two-a of this article, a tax\nis hereby imposed on each conveyance of residential real property or\ninterest therein within any city in this state having a population of\none million or more when the consideration for the conveyance is two\nmillion dollars or more. For purposes of this section, residential real\nproperty shall include any premises that is or may be used in whole or\nin part as a personal residence, and shall include a one, two, or\nthree-family house, an individual condominium unit, or a cooperative\napartment unit. Such tax shall be paid at the same time and in the same\nmanner as the taxes imposed by sections fourteen hundred two and\nfourteen hundred two-a of this article.\n The rate of such tax shall be:\n (1) one-quarter of one percent of the consideration or part thereof\nattributable to the residential real property when such consideration\nfor the entire conveyance is at least two million dollars but less than\nthree million dollars;\n (2) one-half of one percent of the consideration or part thereof\nattributable to the residential real property when such consideration\nfor the entire conveyance is at least three million dollars but less\nthan five million dollars;\n (3) one and one-quarter percent of the consideration or part thereof\nattributable to the residential real property when such consideration\nfor the entire conveyance is at least five million dollars but less than\nten million dollars;\n (4) two and one-quarter percent of the consideration or part thereof\nattributable to the residential real property when such consideration\nfor the entire conveyance is at least ten million dollars but less than\nfifteen million dollars;\n (5) two and one-half percent of the consideration or part thereof\nattributable to the residential real property when such consideration\nfor the entire conveyance is at least fifteen million dollars but less\nthan twenty million dollars;\n (6) two and three-quarters percent of the consideration or part\nthereof attributable to the residential real property when such\nconsideration for the entire conveyance is at least twenty million\ndollars but less than twenty-five million dollars; and\n (7) two and nine-tenths percent of the consideration or part thereof\nattributable to the residential real property when such consideration\nfor the entire conveyance is at least twenty-five million dollars.\n (b) Notwithstanding the provisions of subdivision (a) of section\nfourteen hundred four of this article, the tax imposed by this section\nshall be paid by the grantee. If the grantee has failed to pay the tax\nimposed by this article at the time required by section fourteen hundred\nten of this article or if the grantee is exempt from such tax, the\ngrantor shall have the duty to pay the tax. Where the grantor has the\nduty to pay the tax because the grantee has failed to pay, such tax\nshall be the joint and several liability of the grantor and the grantee.\n (c) Except as otherwise provided in this section, all the provisions\nof this article relating to or applicable to the administration,\ncollection, determination and distribution of the tax imposed by section\nfourteen hundred two of this article shall apply to the tax imposed\nunder the authority of this section with such modifications as may be\nnecessary to adapt such language to the tax so authorized. Such\nprovisions shall apply with the same force and effect as if those\nprovisions had been set forth in this section except to the extent that\nany provision is either inconsistent with a provision of this section or\nnot relevant to the tax authorized by this section.\n