Assembly Bill A7651

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7651

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 29, 2013
                               ___________

Introduced  by M. of A. QUART -- read once and referred to the Committee
  on Real Property Taxation

AN ACT to amend the real property tax law, in relation to providing  for
  transition  assessment  for  a parcel classified in class three in New
  York City

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 3 of section 1805 of the real property tax law,
as  amended by chapter 143 of the laws of 1989 and as further amended by
subdivision (b) of section 1 of part W of chapter  56  of  the  laws  of
2010, is amended to read as follows:
  3.  If  the assessment appearing on an assessment roll completed on or
after January first, nineteen hundred  eighty-two  for  any  parcel  not
subject  to  the  provisions of subdivision one or two of this section[,
other than a parcel classified in class  three,]  is  greater  than  the
assessment appearing on the previous year's assessment roll the assessor
shall  determine  a  transition assessment for such parcel for the first
assessment roll on which such greater assessment appears and for each of
the succeeding four assessment rolls by computing the difference between
such greater assessment and the assessment appearing  on  such  previous
year's  assessment  roll  and  adding  the following percentages of such
difference to the assessment appearing on such previous  year's  assess-
ment  roll: in the first year, twenty percent; in the second year, forty
percent; in the third year, sixty percent; in the  fourth  year,  eighty
percent;  and  in the fifth year, one hundred percent. If the assessment
of a parcel is increased during a period for  which  transition  assess-
ments  have  been established because of any prior assessment increases,
such new increase shall be phased-in over  a  five-year  period  as  set
forth  in  this subdivision, and such phased-in increases shall be added
to the transitional assessments previously  established  for  the  prior
increase;  provided,  however,  that  if in any year any such transition

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11219-01-3
              

A. 7651                             2

assessment exceeds the actual assessment for such year, taxes imposed on
such parcel for such year shall be based on such lesser  actual  assess-
ment. Notwithstanding the foregoing, during the period of any such tran-
sition, the assessment roll shall contain an entry of the full amount of
such  greater  assessment which shall be used by the commissioner in its
determination of class ratios pursuant to paragraph (b)  of  subdivision
one of section twelve hundred two of this chapter. In establishing state
equalization rates, class equalization rates, special state equalization
rates  and special state equalization ratios under article twelve, arti-
cle twelve-A and article twelve-B  of  this  chapter,  the  commissioner
shall use the transition assessments as provided for in this subdivision
in  its  determinations,  or  where the actual assessment is the lesser,
such actual assessment shall be so used.
  S 2. This act shall take effect immediately.