S T A T E   O F   N E W   Y O R K
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                                   2552
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 28, 2019
                                ___________
 
 Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN ACT to amend the real property tax law, in relation to limitations on
   assessed value for any parcel that is held in cooperative or condomin-
   ium forms of ownership

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  1805  of the real property tax law is amended by
 adding a new subdivision 7 to read as follows:
   7. NOTWITHSTANDING ANY PROVISION  OF  LAW  TO  THE  CONTRARY,  IF  THE
 ASSESSMENT APPEARING ON AN ASSESSMENT ROLL BEGINNING WITH THE ASSESSMENT
 ROLL  COMPLETED  THE SAME YEAR AS THE EFFECTIVE DATE OF THIS SUBDIVISION
 AND FOR EACH SUBSEQUENT ASSESSMENT ROLL FOR ANY PARCEL THAT IS  HELD  IN
 COOPERATIVE  OR  CONDOMINIUM  FORMS  OF  OWNERSHIP,  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  ELEVEN  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
 ASSESSMENT  ROLL: IN THE FIRST YEAR, EIGHT AND ONE-THIRD PERCENT; IN THE
 SECOND YEAR, SIXTEEN AND TWO-THIRDS PERCENT; IN THE THIRD YEAR,  TWENTY-
 FIVE PERCENT; IN THE FOURTH YEAR, THIRTY-THREE AND ONE-THIRD PERCENT; IN
 THE  FIFTH  YEAR,  FORTY-ONE  AND TWO-THIRDS PERCENT; IN THE SIXTH YEAR,
 FIFTY PERCENT; IN THE SEVENTH YEAR, FIFTY-EIGHT AND  ONE-THIRD  PERCENT;
 IN THE EIGHTH YEAR, SIXTY-SIX AND TWO-THIRDS PERCENT; IN THE NINTH YEAR,
 SEVENTY-FIVE  PERCENT;  IN  THE  TENTH  YEAR, EIGHTY-THREE AND ONE-THIRD
 PERCENT; IN THE ELEVENTH YEAR, NINETY-ONE AND TWO-THIRDS PERCENT; AND IN
 THE TWELFTH YEAR, ONE HUNDRED PERCENT. IF THE ASSESSMENT OF A PARCEL  IS
 INCREASED  DURING  A  PERIOD  FOR WHICH TRANSITION ASSESSMENTS HAVE BEEN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02674-01-9

 S. 2552                             2
 
 ESTABLISHED BECAUSE OF ANY PRIOR ASSESSMENT INCREASES, SUCH NEW INCREASE
 SHALL BE PHASED-IN OVER A TWELVE-YEAR PERIOD AS SET FORTH IN THIS SUBDI-
 VISION, 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 ASSESSMENT EXCEEDS  THE
 ACTUAL  ASSESSMENT  FOR SUCH YEAR, TAXES IMPOSED ON SUCH PARCEL FOR SUCH
 YEAR SHALL BE BASED ON SUCH LESSER  ACTUAL  ASSESSMENT.  NOTWITHSTANDING
 THE  FOREGOING, DURING THE PERIOD OF ANY SUCH TRANSITION, THE ASSESSMENT
 ROLL SHALL CONTAIN AN ENTRY OF THE FULL AMOUNT OF SUCH  GREATER  ASSESS-
 MENT  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, ARTICLE TWELVE-A
 AND  ARTICLE  TWELVE-B  OF  THIS CHAPTER, THE COMMISSIONER SHALL USE THE
 TRANSITION ASSESSMENTS AS PROVIDED FOR IN THIS SUBDIVISION IN ITS DETER-
 MINATIONS, OR WHERE THE ACTUAL ASSESSMENT IS  THE  LESSER,  SUCH  ACTUAL
 ASSESSMENT SHALL BE SO USED.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 assessment rolls prepared pursuant to a taxable status date occurring on
 or  after  such  date.  Effective  immediately,  the addition, amendment
 and/or repeal of any rule or regulation necessary for the implementation
 of this act on  its  effective  date  are  authorized  to  be  made  and
 completed on or before such effective date.