* § 1353. Surcharge rates. The surcharge shall be calculated as follows:

1. (a) For fiscal years beginning on or after July first, two thousand twenty-six, and before July first, two thousand twenty-eight, (1) for covered property that is in class one, where the phase one market value is (A) greater than or equal to five million dollars, but less than or equal to fifteen million dollars, at a rate of 0.8 percent; (B) greater than fifteen million dollars, but less than or equal to twenty-five million dollars, at a rate of 1.05 percent; (C) greater than twenty-five million dollars, at a rate of 1.3 percent; and (2) for covered property that is a residential condominium dwelling unit or, in the case of a residential cooperative property, a residential cooperative dwelling unit, where the phase one market value is (A) greater than or equal to one million dollars, but less than or equal to three million dollars, at a rate of 4.0 percent; (B) greater than three million dollars, but less than or equal to five million dollars, at a rate of 5.25 percent; (C) greater than five million dollars, at a rate of 6.5 percent.
2. (b) For fiscal years beginning on or after July first, two thousand twenty-eight, for covered property or, in the case of a residential cooperative property, a residential cooperative dwelling unit, where the phase two market value is (1) greater than or equal to five million dollars, but less than or equal to fifteen million dollars, at a rate of 0.8 percent; (2) greater than fifteen million dollars, but less than or equal to twenty-five million dollars, at a rate of 1.05 percent; (3) greater than twenty-five million dollars, at a rate of 1.3 percent. * NB Repealed June 30, 2031