2012 New York Consolidated Laws
TAX - Tax
Article 31 - (1400 - 1421) REAL ESTATE TRANSFER TAX
1402-A - Additional tax.

 
    §  1402-a.  Additional  tax.  (a)  In  addition  to the tax imposed by
  section fourteen hundred two of this article, a tax is hereby imposed on
  each conveyance of residential real property or  interest  therein  when
  the  consideration  for  the entire conveyance is one million dollars or
  more. For purposes of this  section,  residential  real  property  shall
  include  any  premises  that  is or may be used in whole or in part as a
  personal residence, and shall include a one, two, or three-family house,
  an individual condominium unit, or a  cooperative  apartment  unit.  The
  rate  of  such  tax  shall  be  one percent of the consideration or part
  thereof attributable to the residential real property. Such tax shall be
  paid at the same time and in the same  manner  as  the  tax  imposed  by
  section fourteen hundred two of this article.
    (b)  Notwithstanding  the  provisions  of  subdivision  (a) of section
  fourteen hundred four of this article, the  additional  tax  imposed  by
  this  section  shall  be  paid by the grantee.  If the grantee is exempt
  from such tax, the grantor shall have the duty to pay the tax.
    (c) Except as otherwise provided in this section, all  the  provisions
  of  this  article  relating  to  or  applicable  to  the administration,
  collection, determination and distribution of the tax imposed by section
  fourteen hundred two of this article shall  apply  to  the  tax  imposed
  under  the  authority  of this section with such modifications as may be
  necessary to adapt such  language  to  the  tax  so  authorized.    Such
  provisions  shall  apply  with  the  same  force  and effect as if those
  provisions had been set forth in this section except to the extent  that
  any provision is either inconsistent with a provision of this section or
  not relevant to the tax authorized by this section.