N.Y. Tax Law § 1351

* § 1351. Definitions. As used in this article, the following terms\nshall have the following meanings:\n (a) "Administrative code" means the administrative code of the city of\nNew York.\n (b) "Class one property" means class one, as such class of property is\ndefined in section eighteen hundred two of the real property tax law,\nother than such property described in subparagraph (c) of such\ndefinition.\n (c) "Class two property" means class two, as such class of property is\ndefined in section eighteen hundred two of the real property tax law.\n (d) "Covered owner" means:\n (1) an owner or owners of real property classified as class one\nproperty;\n (2) a tenant-stockholder of a cooperative corporation whose interest\nin a portion of real property held by such corporation is represented by\nshares of stock in such corporation;\n (3) an owner or owners of a residential condominium dwelling unit;\n (4) where real property classified as class one or a residential\ncondominium dwelling unit is held, or shares of stock in a cooperative\ncorporation are held, in trust, a beneficial owner or owners of such\ntrust, provided that such beneficial owner or owners are the sole\nbeneficiaries of such trust; or\n (5) where real property classified as class one or a residential\ncondominium dwelling unit is held, or shares of stock in a cooperative\ncorporation are held, by a partnership, corporation or limited liability\ncompany, a partner or partners, shareholder or shareholders or member or\nmembers of such partnership, corporation, or limited liability company,\nrespectively, provided that such partner or partners, shareholder or\nshareholders, or member or members hold a majority interest in such\npartnership, corporation or limited liability company respectively.\n (e) "Covered property" means real property, other than excluded\nproperty, classified as:\n (1) class one property, other than vacant land;\n (2) class two property that is a residential cooperative property in\nwhich at least one residential cooperative dwelling unit: (A) has a\nphase one market value equal to or greater than one million dollars or\nphase two market value equal to or greater than five million dollars;\nand (B) is not a primary residence; and\n (3) class two property that is a residential condominium dwelling\nunit.\n (f) "Department of finance" means the department of finance in a city\nhaving a population of one million or more.\n (g) "Excluded property" means a class one or class two property:\n (1) for which a temporary or permanent certificate of occupancy is\nrequired and has not yet been issued; or\n (2) a residential condominium dwelling unit or residential cooperative\ndwelling unit that is subject to an offering plan required by section\nthree hundred fifty-two-e of the general business law and such unit has\nnot been sold, or an economic interest in such unit has not been\ntransferred, by the person, partnership, corporation, company, trust or\nassociation who has filed such plan.\n (h) "Imputed cooperative phase one market value" means the market\nvalue of a residential cooperative dwelling unit in a residential\ncooperative property, calculated as the product of:\n (1) the market value of such residential cooperative property as\ndetermined by the department of finance pursuant to chapter fifty-eight\nof the New York city charter for the fiscal year in which the surcharge\ndescribed in this article is imposed; and\n (2) the quotient of (A) the shares in a cooperative corporation\nrepresenting an interest in such residential cooperative dwelling unit;\ndivided by (B) the total shares of stock in such cooperative\ncorporation.\n (i) "Notice of surcharge" means a notice issued by the department of\nfinance to an owner indicating that a covered property, or, in the case\nof a residential cooperative property, a residential cooperative\ndwelling unit, is, or may be, subject to the surcharge authorized by\nthis article, including the phase one market value or phase two market\nvalue, as applicable, of such covered property or residential\ncooperative dwelling unit and a determination by the department of\nfinance that such covered property or residential cooperative dwelling\nunit is not a primary residence.\n (j) "Owner" means:\n (1) an owner or owners of real property classified as class one\nproperty;\n (2) a tenant-stockholder of a cooperative corporation whose interest\nin a portion of real property held by such corporation is represented by\nshares of stock in such corporation, or such corporation; or\n (3) an owner or owners of a residential condominium dwelling unit.\n (k) "Phase one market value" means:\n (1) for a class one property, the market value of a covered property\nas determined by the department of finance pursuant to chapter\nfifty-eight of the New York city charter for the fiscal year in which\nthe surcharge described in this article is imposed;\n (2) for a class two property that is a residential condominium\ndwelling unit, the market value of such residential condominium dwelling\nunit as determined by the department of finance pursuant to chapter\nfifty-eight of the New York city charter for the fiscal year in which\nthe surcharge described in this article is imposed; and\n (3) for a class two property that is a residential cooperative\nproperty, the imputed cooperative phase one market value for any\nresidential cooperative dwelling unit in such residential cooperative\nproperty.\n (l) "Phase two market value" means:\n (1) for a class one property, the market value of a covered property\nas determined by the department of finance pursuant to chapter\nfifty-eight of the New York city charter for the fiscal year in which\nthe surcharge described in this article is imposed;\n (2) for a class two property that is a residential condominium\ndwelling unit, the market value of such residential condominium dwelling\nunit, as determined by the department of finance pursuant to chapter\nfifty-eight of the New York city charter for the fiscal year in which\nthe surcharge described in this article is imposed, provided that such\nmarket value shall be determined using a method that considers sales of\ncomparable residential condominium dwelling units or comparable\nresidential cooperative dwelling units without regard to the\nrestrictions described in section five hundred eighty-one of the real\nproperty tax law or section three hundred thirty-nine-y of the real\nproperty law; and\n (3) for a class two property that is a residential cooperative\nproperty, the market value of any residential cooperative dwelling unit\nin such residential cooperative property, as determined by the\ndepartment of finance pursuant to chapter fifty-eight of the New York\ncity charter for the fiscal year in which the surcharge described in\nthis article is imposed, provided that such market value shall be\ndetermined using a method that considers sales of comparable residential\ncooperative dwelling units or comparable residential condominium\ndwelling units without regard to the restrictions found in section five\nhundred eighty-one of the real property tax law.\n (m) "Primary residence" means the use of a covered property, or, in\nthe case of a residential cooperative property, a residential\ncooperative dwelling unit, as of the taxable status date immediately\npreceding the fiscal year in which the surcharge described by this\narticle is imposed, as a primary residence of (1) one or more of the\ncovered owners, or an immediate family member of one or more of the\ncovered owners, provided such covered owners are natural persons; or (2)\none or more lessees, and any sub-lessees to which a lessee has sublet\nthe covered property or residential cooperative dwelling unit pursuant\nto subdivision two of section two hundred twenty-six-b of the real\nproperty law, provided any such lessee or sub-lessee is a natural person\noccupying such covered property or residential cooperative dwelling unit\npursuant to a bona fide lease agreement negotiated in an arms-length\ntransaction with a term of not less than one year. For purposes of this\narticle, the phrase "immediate family member" means a spouse, child,\nsibling, parent, grandparent, or grandchild.\n (n) "Residential condominium dwelling unit" means a unit, as defined\nin section three hundred thirty-nine-e of the real property law, held in\na condominium form of ownership and used as residential real property,\nother than: (1) such a unit that is residential cooperative property; or\n(2) such a unit that includes more than three dwelling units and all\nsuch dwelling units are held by the same owner, except where the\ndepartment of finance determines that a unit has been divided into more\nthan three units to avoid application of the surcharge.\n (o) "Residential cooperative dwelling unit" means a dwelling unit in\nreal property held by a cooperative corporation where an owner is a\ntenant-stockholder of such cooperative corporation and such dwelling\nunit is used as residential real property.\n (p) "Residential cooperative property" means real property owned or\nleased by a cooperative corporation and that contains one or more\nresidential cooperative dwelling units.\n (q) "Taxable status date" means the January fifth immediately\npreceding the fiscal year in which the surcharge is imposed pursuant to\nthis article.\n * NB Repealed June 30, 2031\n