NY State Senate Bill 2019-S5267A

Senate Bill S5267A

2019-2020 Legislative Session

Relates to the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more

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Archive: Last Bill Status - In Senate Committee Cities Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Aug 07, 2020	print number 5267a
Aug 07, 2020	amend and recommit to cities
Jan 08, 2020	referred to cities
Apr 22, 2019	referred to cities

Bill Amendments

Original

A (Active)

co-Sponsors

2019-S5267 - Details

See Assembly Version of this Bill:: A7092
Current Committee:: Senate Cities
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:: S2887, A3395, A9185

2019-S5267 - Summary

Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater and instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.

2019-S5267 - Sponsor Memo

                                
 
BILL NUMBER: S5267

SPONSOR: KAVANAGH
 
TITLE OF BILL:  An act to amend the real property tax law, in relation
to partial tax abatement for residential real property held in the coop-
erative or condominium form of ownership in a city having a population
of one million or more

 
PURPOSE:

To renew and reform the cooperative and condominium real estate tax
abatement by eliminating the real estate tax break currently available
to owners whose units have a Department of Finance (DOT) billable
assessed value of $200,000 or higher to more efficiently target tax
policy towards pressing housing needs. This legislation requires that
NYC must earmark an equivalent amount of revenue in a designated fund
for the NYCHA, with payments authorized by the Commissioner of the
Department of Housing Preservation and Development.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends subdivision two of section 467-a of the Real Property
Tax Law by adding a new paragraph b-2, which would establish a new
eligibility threshold for the cooperative and condominium abatement.
Properties with a DOF billable assessed value of $200,000 or greater
would be ineligible for the abatement.

Section 2 amends paragraphs a and b of subdivision two of section 476-a
of the Real Property Tax Law, as amended by section 61 of part A of
chapter 20 of the laws of 2015, to require New York City (NYC) to depos-
it monies previously used for tax abatements to owners with billable
assessed values over 200,000 in a designated fund for the New York City
Housing Authority (NYCHA), with payments authorized by the commissioner
of the department of housing preservation and development (HPD).

Section 6 sets forth the effective date.

 
JUSTIFICATION:

Every year, NYC gives away $612 million in a relatively unknown tax
break to cooperative and condominium owners, including ultra-luxury
owners. Given the $32 billion of needed repairs for safe and decent
living conditions in NYCHA, the current law should be amended to elimi-
nate the tax break for luxury owners and redirect revenue to the NYCHA.
The abatement will not be changed for the majority of homeowners.

Established in 1997, the Cooperative and Condominium Property Tax Abate-
ment reduces the real property taxes of condominium and cooperative
owner-occupiers by 17.5% - 28.1%, depending on assessed value.  While
this coop and condo abatement is the 2nd largest tax expenditure in NYC,
many homebuyers are unaware of it when they purchase an apartment.
Unlike the federal Mortgage Interest Deduction, it does not typically
factor into a buyer's calculation of affordability.

More than 320,000 cooperative and condominium homeowners received an
average tax break of $1,890 in FY2019 but benefits to luxury homeowners
far exceed this average. The top 10% of the abatement, going to 32,000
luxury homeowners, represents $172 million in tax breaks.  The top ten
tax abatements range in value from $35,000-$45,000 per unit. The cost of
this tax break has increased at an annual rate of 7% until last year
when it grew by 16%, driven by luxury condos previously developed under
421-a. This trend is expected to continue in upcoming years. Reforming
the abatement now will contain growing costs for NYC, while making
investments necessary to preserve Public housing.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

Unknown.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S5267 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5267
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 22, 2019
                                ___________
 
 Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities
 
 AN ACT to amend the real property tax law, in relation  to  partial  tax
   abatement  for  residential  real  property held in the cooperative or
   condominium form of ownership in a city having  a  population  of  one
   million or more
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 2 of section 467-a of the real property tax law
 is amended by adding a new paragraph (b-2) to read as follows:
   (B-2) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY,  THE
 PROVISIONS  OF  THIS  SECTION  SHALL  NOT APPLY TO ANY DWELLING UNIT FOR
 WHICH THE BILLABLE ASSESSED VALUE IS TWO  HUNDRED  THOUSAND  DOLLARS  OR
 GREATER.
   §  2.  Paragraphs (a) and (b) of subdivision 2 of section 467-a of the
 real property tax law, as amended by section 61 of part A of chapter  20
 of the laws of 2015, are amended to read as follows:
   (a)  In  a  city  having a population of one million or more, dwelling
 units owned by unit owners who, as  of  the  applicable  taxable  status
 date,  own no more than three dwelling units in any one property held in
 the condominium form of  ownership,  shall  be  eligible  to  receive  a
 partial  abatement  of  real  property taxes, as set forth in paragraphs
 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of  this  subdivi-
 sion; provided, however, that a property held in the condominium form of
 ownership  that  is  receiving  complete  or  partial  real property tax
 exemption or tax abatement pursuant to any other provision of this chap-
 ter or any other state or local law, except as provided in paragraph (f)
 of this subdivision, shall not be eligible to receive a  partial  abate-
 ment  pursuant  to  this  section;  and provided, further, that sponsors
 shall not be eligible to receive a partial abatement  pursuant  to  this
 section;  and  provided, further, that in the fiscal years commencing in
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10319-04-9

 S. 5267                             2
 
 calendar years two thousand twelve[, two thousand thirteen, two thousand
 fourteen, two thousand  fifteen,  two  thousand  sixteen,  two  thousand
 seventeen  or  two thousand eighteen] THROUGH TWO THOUSAND TWENTY-ONE no
 more than a maximum of three dwelling units owned by any unit owner in a
 single building, one of which must be the primary residence of such unit
 owner,  shall  be  eligible  to  receive a partial abatement pursuant to
 paragraphs (d-1), (d-2), (d-3) and (d-4) of this subdivision.
   (b) In a city having a population of one  million  or  more,  dwelling
 units  owned  by  tenant-stockholders  who, as of the applicable taxable
 status date, own no more than three dwelling units in any  one  property
 held  in the cooperative form of ownership, shall be eligible to receive
 a partial abatement of real property taxes, as set forth  in  paragraphs
 (c),  (d),  (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi-
 sion; provided, however, that a property held in the cooperative form of
 ownership that is  receiving  complete  or  partial  real  property  tax
 exemption or tax abatement pursuant to any other provision of this chap-
 ter or any other state or local law, except as provided in paragraph (f)
 of  this  subdivision, shall not be eligible to receive a partial abate-
 ment pursuant to this section;  and  provided,  further,  that  sponsors
 shall  not  be  eligible to receive a partial abatement pursuant to this
 section; and provided, further, that in the fiscal years  commencing  in
 calendar years two thousand twelve[, two thousand thirteen, two thousand
 fourteen,  two  thousand  fifteen,  two  thousand  sixteen, two thousand
 seventeen or two thousand eighteen] THROUGH TWO THOUSAND  TWENTY-ONE  no
 more  than  a maximum of three dwelling units owned by any tenant-stock-
 holder in a single building, one of which must be the primary  residence
 of  such  tenant-stockholder,  shall  be  eligible  to receive a partial
 abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4)  of  this
 subdivision.  For  purposes  of  this section, a tenant-stockholder of a
 cooperative apartment corporation shall be deemed to  own  the  dwelling
 unit  which  is represented by his or her shares of stock in such corpo-
 ration. Any abatement so granted shall be credited  by  the  appropriate
 taxing  authority  against  the  tax due on the property as a whole. The
 reduction in real property taxes received thereby shall be  credited  by
 the  cooperative  apartment corporation against the amount of such taxes
 attributable to eligible dwelling units at the time of receipt.
   § 3. Paragraphs (d-1), (d-2), (d-3) and  (d-4)  of  subdivision  2  of
 section  467-a of the real property tax law, as amended by section 62 of
 part A of chapter 20 of the  laws  of  2015,  are  amended  to  read  as
 follows:
   (d-1)  In  the  fiscal years commencing in calendar years two thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing units in property whose average unit assessed value is less than  or
 equal to fifty thousand dollars shall receive a partial abatement of the
 real  property  taxes  attributable  to or due on such dwelling units of
 twenty-five percent, twenty-six and one-half  percent  and  twenty-eight
 and  one-tenth  percent  respectively. In the fiscal years commencing in
 calendar years two thousand fifteen[, two thousand sixteen, two thousand
 seventeen and two thousand eighteen]  THROUGH  TWO  THOUSAND  TWENTY-ONE
 eligible dwelling units in property whose average unit assessed value is
 less  than  or  equal  to fifty thousand dollars shall receive a partial
 abatement of the real property taxes attributable  to  or  due  on  such
 dwelling units of twenty-eight and one-tenth percent.
   (d-2)  In  the  fiscal years commencing in calendar years two thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing units in property whose average unit assessed  value  is  more  than

 S. 5267                             3
 
 fifty  thousand  dollars,  but less than or equal to fifty-five thousand
 dollars, shall receive a partial abatement of the  real  property  taxes
 attributable to or due on such dwelling units of twenty-two and one-half
 percent,  twenty-three and eight-tenths percent and twenty-five and two-
 tenths percent respectively. In the fiscal years commencing in  calendar
 years  two  thousand fifteen[, two thousand sixteen, two thousand seven-
 teen and two thousand eighteen] THROUGH TWO THOUSAND TWENTY-ONE eligible
 dwelling units in property whose average unit  assessed  value  is  more
 than  fifty thousand dollars, but less than or equal to fifty-five thou-
 sand dollars, shall receive a partial abatement  of  the  real  property
 taxes  attributable  to or due on such dwelling units of twenty-five and
 two-tenths percent.
   (d-3) In the fiscal years commencing in calendar  years  two  thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing  units  in  property  whose average unit assessed value is more than
 fifty-five thousand dollars, but less than or equal  to  sixty  thousand
 dollars,  shall  receive  a partial abatement of the real property taxes
 attributable to or due on such dwelling units of twenty  percent,  twen-
 ty-one  and  two-tenths  percent, and twenty-two and five-tenths percent
 respectively. In the fiscal years commencing in calendar years two thou-
 sand fifteen[, two thousand sixteen,  two  thousand  seventeen  and  two
 thousand  eighteen]  THROUGH  TWO  THOUSAND TWENTY-ONE eligible dwelling
 units in property whose average unit assessed value is more than  fifty-
 five thousand dollars, but less than or equal to sixty thousand dollars,
 shall  receive  a partial abatement of the real property taxes attribut-
 able to or due on such dwelling  units  of  twenty-two  and  five-tenths
 percent.
   (d-4)  In  the  fiscal years commencing in calendar years two thousand
 twelve[, two thousand thirteen,  two  thousand  fourteen,  two  thousand
 fifteen,  two  thousand sixteen, two thousand seventeen and two thousand
 eighteen] THROUGH TWO THOUSAND TWENTY-ONE, eligible  dwelling  units  in
 property  whose  average unit assessed value is more than sixty thousand
 dollars shall receive a partial abatement of  the  real  property  taxes
 attributable  to or due on such dwelling units of seventeen and one-half
 percent.
   § 4. Paragraph (a) of subdivision 3 of section 467-a of the real prop-
 erty tax law, as amended by section 63 of part A of chapter  20  of  the
 laws of 2015, is amended to read as follows:
   (a)  An  application for an abatement pursuant to this section for the
 fiscal year commencing in  calendar  year  nineteen  hundred  ninety-six
 shall  be  made  no  later than the fifteenth day of September, nineteen
 hundred ninety-six. An application for an  abatement  pursuant  to  this
 section for the fiscal year commencing in calendar year nineteen hundred
 ninety-seven  shall  be made no later than the first day of April, nine-
 teen hundred ninety-seven. An application for an abatement  pursuant  to
 this  section  for  the fiscal year commencing in calendar year nineteen
 hundred ninety-eight shall be made no later than the first day of April,
 nineteen hundred ninety-eight. An application for an abatement  pursuant
 to this section for the fiscal year commencing in calendar year nineteen
 hundred  ninety-nine  shall  be made in accordance with this subdivision
 and subdivision three-a of this section. An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand shall be made no later than the fifteenth day of  February,
 two  thousand.  An application for an abatement pursuant to this section
 for the fiscal year commencing in calendar year two thousand  one  shall
 be  made  in accordance with this subdivision and subdivision three-b of

 S. 5267                             4
 
 this section. An application for an abatement pursuant to  this  section
 for  the  fiscal year commencing in calendar year two thousand two shall
 be made no later than the fifteenth day of February, two  thousand  two.
 An  application for an abatement pursuant to this section for the fiscal
 year commencing in calendar year two thousand three  shall  be  made  no
 later  than the fifteenth day of February, two thousand three. An appli-
 cation for an abatement pursuant to this section  for  the  fiscal  year
 commencing  in  calendar year two thousand four shall be made in accord-
 ance with this subdivision and subdivision three-c of this  section.  An
 application  for  an  abatement  pursuant to this section for the fiscal
 year commencing in calendar year two thousand  five  shall  be  made  no
 later than the fifteenth day of February, two thousand five. An applica-
 tion  for  an  abatement  pursuant  to  this section for the fiscal year
 commencing in calendar year two thousand six shall be made no later than
 the fifteenth day of February, two thousand six. An application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two thousand  seven  shall  be  made  no  later  than  the
 fifteenth day of February, two thousand seven. An application for abate-
 ment pursuant to this section for the fiscal year commencing in calendar
 year  two  thousand eight shall be made in accordance with this subdivi-
 sion and subdivision three-d of this  section.  An  application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two  thousand  nine  shall  be  made  no  later  than  the
 fifteenth  day  of  February,  two  thousand nine. An application for an
 abatement pursuant to this section for the  fiscal  year  commencing  in
 calendar year two thousand ten shall be made no later than the fifteenth
 day  of  February,  two  thousand  ten.  An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand eleven shall be made no later than  the  fifteenth  day  of
 February,  two thousand eleven. An application for an abatement pursuant
 to this section for the fiscal years commencing in  calendar  years  two
 thousand  twelve  and  two thousand thirteen shall be made in accordance
 with subdivision three-e of this section. The date  or  dates  by  which
 applications for an abatement pursuant to this section shall be made for
 the fiscal years beginning in calendar years two thousand fourteen[, two
 thousand  fifteen,  two thousand sixteen, two thousand seventeen and two
 thousand eighteen] THROUGH TWO THOUSAND TWENTY-ONE shall be  established
 by the commissioner of finance by rule, provided that such date or dates
 shall  not be later than the fifteenth day of February for such calendar
 years.
   § 5. The New York city department  of  finance  shall  reallocate  the
 monies  used  to  provide the partial tax abatement for residential real
 property held in the cooperative or condominium form  of  ownership  for
 dwelling  units  whose  billable  assessed value is two hundred thousand
 dollars or greater, which are now  ineligible  for  such  tax  abatement
 pursuant  to  section  one  of  this  act,  to be deposited in a special
 account in the name of the New York city  housing  authority.    Payment
 from  such  account shall be on the authorization of the commissioner of
 the department of housing preservation and development.
   § 6. This act shall take effect immediately.

co-Sponsors

2019-S5267A (ACTIVE) - Details

See Assembly Version of this Bill:: A7092
Current Committee:: Senate Cities
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:: S2887, A3395, A9185

2019-S5267A (ACTIVE) - Summary

2019-S5267A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S5267A

SPONSOR: KAVANAGH
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to partial tax
abatement for residential real property held in the cooperative or
condominium form of ownership in a city having a population of one
million or more

 
PURPOSE:

To renew and reform the cooperative and condominium real estate tax
abatement by eliminating the real estate tax break currently available
to owners whose units have a Department of Finance (DOT) billable
assessed value of $200,000 or higher to more efficiently target tax
policy towards pressing housing needs. This legislation requires that
NYC must earmark an equivalent amount of revenue in a designated fund
for the NYCHA, with payments authorized by the Commissioner of the
Department of Housing Preservation and Development.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends subdivision two of section 467-a of the Real Property
Tax Law by adding a new paragraph b-2, which would establish a new
eligibility threshold for the cooperative and condominium abatement.
Properties with a DOF billable assessed value of $200,000 or greater
would be ineligible for the abatement.

Section 2 amends paragraphs a and b of subdivision two of section 476-a
of the Real Property Tax Law, as amended by section 61 of part A of
chapter 20 of the laws of 2015, to require New York City (NYC) to depos-
it monies previously used for tax abatements to owners with billable
assessed values over 200,000 in a designated fund for the New York City
Housing Authority (NYCHA), with payments authorized by the commissioner
of the department of housing preservation and development (HPD).

Section 6 sets forth the effective date.

 
JUSTIFICATION:

Every year, NYC gives away $612 million in a relatively unknown tax
break to cooperative and condominium owners, including ultra-luxury
owners. Given the $32 billion of needed repairs for safe and decent
living conditions in NYCHA, the current law should be amended to elimi-
nate the tax break for luxury owners and redirect revenue to the NYCHA.
The abatement will not be changed for the majority of homeowners.

Established in 1997, the Cooperative and Condominium Property Tax Abate-
ment reduces the real property taxes of condominium and cooperative
owner-occupiers by 17.5% - 28.1%, depending on assessed value. While
this coop and condo abatement is the 2nd largest tax expenditure in NYC,
many homebuyers are unaware of it when they purchase an apartment.
Unlike the federal Mortgage Interest Deduction, it does not typically
factor into a buyer's calculation of affordability.

More than 320,000 cooperative and condominium homeowners received an
average tax break of $1,890 in FY 2019 but benefits to luxury homeowners
far exceed this average. The top 10% of the abatement, going to 32,000
luxury homeowners, represents $172 million in tax breaks. The top ten
tax abatements range in value from $35,000-$45,000 per unit. The cost of
this tax break has increased at an annual rate of 7% until last year
when it grew by 16%, driven by luxury condos previously developed under
421-a. This trend is expected to continue in upcoming years.. Reforming
the abatement now will contain growing costs for NYC, while making
investments necessary to preserve Public housing.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

Unknown.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S5267A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5267--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 22, 2019
                                ___________
 
 Introduced by Sens. KAVANAGH, SALAZAR -- read twice and ordered printed,
   and  when printed to be committed to the Committee on Cities -- recom-
   mitted to the Committee on Cities in accordance with  Senate  Rule  6,
   sec.  8  --  committee  discharged, bill amended, ordered reprinted as
   amended and recommitted to said committee

 AN ACT to amend the real property tax law, in relation  to  partial  tax
   abatement  for  residential  real  property held in the cooperative or
   condominium form of ownership in a city having  a  population  of  one
   million or more
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 2 of section 467-a of the real property tax law
 is amended by adding a new paragraph (b-2) to read as follows:
   (B-2) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE  CONTRARY  FOR
 FISCAL YEARS COMMENCING IN CALENDAR YEARS 2020 AND AFTER, THE PROVISIONS
 OF THIS SECTION SHALL NOT APPLY TO ANY DWELLING UNIT FOR WHICH THE BILL-
 ABLE ASSESSED VALUE IS TWO HUNDRED THOUSAND DOLLARS OR GREATER.
   §  2.  Paragraphs (a) and (b) of subdivision 2 of section 467-a of the
 real property tax law, as amended by chapter 90 of the laws of 2019, are
 amended to read as follows:
   (a) In a city having a population of one  million  or  more,  dwelling
 units  owned  by  unit  owners  who, as of the applicable taxable status
 date, own no more than three dwelling units in any one property held  in
 the  condominium  form  of  ownership,  shall  be  eligible to receive a
 partial abatement of real property taxes, as  set  forth  in  paragraphs
 (c),  (d),  (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi-
 sion; provided, however, that a property held in the condominium form of
 ownership that is  receiving  complete  or  partial  real  property  tax
 exemption or tax abatement pursuant to any other provision of this chap-
 ter or any other state or local law, except as provided in paragraph (f)
 of  this  subdivision, shall not be eligible to receive a partial abate-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD10319-07-0

 S. 5267--A                          2
 
 ment pursuant to this section;  and  provided,  further,  that  sponsors
 shall  not  be  eligible to receive a partial abatement pursuant to this
 section; and provided, further, that in the fiscal years  commencing  in
 calendar  years  two thousand twelve through two thousand [twenty] TWEN-
 TY-ONE no more than a maximum of three dwelling units owned by any  unit
 owner  in  a single building, one of which must be the primary residence
 of such unit owner, shall be eligible to  receive  a  partial  abatement
 pursuant  to  paragraphs  (d-1), (d-2), (d-3) and (d-4) of this subdivi-
 sion.
   (b) In a city having a population of one  million  or  more,  dwelling
 units  owned  by  tenant-stockholders  who, as of the applicable taxable
 status date, own no more than three dwelling units in any  one  property
 held  in the cooperative form of ownership, shall be eligible to receive
 a partial abatement of real property taxes, as set forth  in  paragraphs
 (c),  (d),  (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi-
 sion; provided, however, that a property held in the cooperative form of
 ownership that is  receiving  complete  or  partial  real  property  tax
 exemption or tax abatement pursuant to any other provision of this chap-
 ter or any other state or local law, except as provided in paragraph (f)
 of  this  subdivision, shall not be eligible to receive a partial abate-
 ment pursuant to this section;  and  provided,  further,  that  sponsors
 shall  not  be  eligible to receive a partial abatement pursuant to this
 section; and provided, further, that in the fiscal years  commencing  in
 calendar  years  two thousand twelve through two thousand [twenty] TWEN-
 TY-ONE no more than a maximum of  three  dwelling  units  owned  by  any
 tenant-stockholder in a single building, one of which must be the prima-
 ry  residence of such tenant-stockholder, shall be eligible to receive a
 partial abatement pursuant to paragraphs (d-1), (d-2), (d-3)  and  (d-4)
 of  this subdivision. For purposes of this section, a tenant-stockholder
 of a cooperative apartment corporation shall be deemed to own the dwell-
 ing unit which is represented by his or her  shares  of  stock  in  such
 corporation. Any abatement so granted shall be credited by the appropri-
 ate taxing authority against the tax due on the property as a whole. The
 reduction  in  real property taxes received thereby shall be credited by
 the cooperative apartment corporation against the amount of  such  taxes
 attributable to eligible dwelling units at the time of receipt.
   §  3.  Paragraphs  (d-1),  (d-2),  (d-3) and (d-4) of subdivision 2 of
 section 467-a of the real property tax law, as amended by chapter 90  of
 the laws of 2019, are amended to read as follows:
   (d-1)  In  the  fiscal years commencing in calendar years two thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing units in property whose average unit assessed value is less than  or
 equal to fifty thousand dollars shall receive a partial abatement of the
 real  property  taxes  attributable  to or due on such dwelling units of
 twenty-five percent, twenty-six and one-half  percent  and  twenty-eight
 and  one-tenth  percent  respectively. In the fiscal years commencing in
 calendar years two thousand fifteen through two thousand [twenty]  TWEN-
 TY-ONE  eligible  dwelling units in property whose average unit assessed
 value is less than or equal to fifty thousand dollars  shall  receive  a
 partial  abatement  of the real property taxes attributable to or due on
 such dwelling units of twenty-eight and one-tenth percent.
   (d-2) In the fiscal years commencing in calendar  years  two  thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing  units  in  property  whose average unit assessed value is more than
 fifty thousand dollars, but less than or equal  to  fifty-five  thousand
 dollars,  shall  receive  a partial abatement of the real property taxes

 S. 5267--A                          3
 
 attributable to or due on such dwelling units of twenty-two and one-half
 percent, twenty-three and eight-tenths percent and twenty-five and  two-
 tenths  percent respectively. In the fiscal years commencing in calendar
 years  two  thousand  fifteen  through  two thousand [twenty] TWENTY-ONE
 eligible dwelling units in property whose average unit assessed value is
 more than fifty thousand dollars, but less than or equal  to  fifty-five
 thousand dollars, shall receive a partial abatement of the real property
 taxes  attributable  to or due on such dwelling units of twenty-five and
 two-tenths percent.
   (d-3) In the fiscal years commencing in calendar  years  two  thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing  units  in  property  whose average unit assessed value is more than
 fifty-five thousand dollars, but less than or equal  to  sixty  thousand
 dollars,  shall  receive  a partial abatement of the real property taxes
 attributable to or due on such dwelling units of twenty  percent,  twen-
 ty-one  and  two-tenths  percent, and twenty-two and five-tenths percent
 respectively. In the fiscal years commencing in calendar years two thou-
 sand fifteen through two thousand [twenty] TWENTY-ONE eligible  dwelling
 units  in property whose average unit assessed value is more than fifty-
 five thousand dollars, but less than or equal to sixty thousand dollars,
 shall receive a partial abatement of the real property  taxes  attribut-
 able  to  or  due  on  such dwelling units of twenty-two and five-tenths
 percent.
   (d-4) In the fiscal years commencing in calendar  years  two  thousand
 twelve through two thousand [twenty] TWENTY-ONE, eligible dwelling units
 in  property  whose average unit assessed value is more than sixty thou-
 sand dollars shall receive a partial  abatement  of  the  real  property
 taxes  attributable  to  or  due on such dwelling units of seventeen and
 one-half percent.
   § 4. Paragraph (a) of subdivision 3 of section 467-a of the real prop-
 erty tax law, as amended by chapter 90 of the laws of 2019,  is  amended
 to read as follows:
   (a)  An  application for an abatement pursuant to this section for the
 fiscal year commencing in  calendar  year  nineteen  hundred  ninety-six
 shall  be  made  no  later than the fifteenth day of September, nineteen
 hundred ninety-six. An application for an  abatement  pursuant  to  this
 section for the fiscal year commencing in calendar year nineteen hundred
 ninety-seven  shall  be made no later than the first day of April, nine-
 teen hundred ninety-seven. An application for an abatement  pursuant  to
 this  section  for  the fiscal year commencing in calendar year nineteen
 hundred ninety-eight shall be made no later than the first day of April,
 nineteen hundred ninety-eight. An application for an abatement  pursuant
 to this section for the fiscal year commencing in calendar year nineteen
 hundred  ninety-nine  shall  be made in accordance with this subdivision
 and subdivision three-a of this section. An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand shall be made no later than the fifteenth day of  February,
 two  thousand.  An application for an abatement pursuant to this section
 for the fiscal year commencing in calendar year two thousand  one  shall
 be  made  in accordance with this subdivision and subdivision three-b of
 this section. An application for an abatement pursuant to  this  section
 for  the  fiscal year commencing in calendar year two thousand two shall
 be made no later than the fifteenth day of February, two  thousand  two.
 An  application for an abatement pursuant to this section for the fiscal
 year commencing in calendar year two thousand three  shall  be  made  no
 later  than the fifteenth day of February, two thousand three. An appli-

 S. 5267--A                          4

 cation for an abatement pursuant to this section  for  the  fiscal  year
 commencing  in  calendar year two thousand four shall be made in accord-
 ance with this subdivision and subdivision three-c of this  section.  An
 application  for  an  abatement  pursuant to this section for the fiscal
 year commencing in calendar year two thousand  five  shall  be  made  no
 later than the fifteenth day of February, two thousand five. An applica-
 tion  for  an  abatement  pursuant  to  this section for the fiscal year
 commencing in calendar year two thousand six shall be made no later than
 the fifteenth day of February, two thousand six. An application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two thousand  seven  shall  be  made  no  later  than  the
 fifteenth day of February, two thousand seven. An application for abate-
 ment pursuant to this section for the fiscal year commencing in calendar
 year  two  thousand eight shall be made in accordance with this subdivi-
 sion and subdivision three-d of this  section.  An  application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two  thousand  nine  shall  be  made  no  later  than  the
 fifteenth  day  of  February,  two  thousand nine. An application for an
 abatement pursuant to this section for the  fiscal  year  commencing  in
 calendar year two thousand ten shall be made no later than the fifteenth
 day  of  February,  two  thousand  ten.  An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand eleven shall be made no later than  the  fifteenth  day  of
 February,  two thousand eleven. An application for an abatement pursuant
 to this section for the fiscal years commencing in  calendar  years  two
 thousand  twelve  and  two thousand thirteen shall be made in accordance
 with subdivision three-e of this section. The date  or  dates  by  which
 applications for an abatement pursuant to this section shall be made for
 the  fiscal  years  beginning  in  calendar  years two thousand fourteen
 through two thousand [twenty] TWENTY-ONE shall  be  established  by  the
 commissioner  of finance by rule, provided that such date or dates shall
 not be later than the fifteenth day of February for such calendar years.
   § 5. For fiscal years commencing in calendar years 2020 and after, the
 New York city department of finance shall reallocate the monies used  to
 provide  the partial tax abatement for residential real property held in
 the cooperative or condominium form  of  ownership  for  dwelling  units
 whose  billable assessed value is two hundred thousand dollars or great-
 er, which are now ineligible for such tax abatement pursuant to  section
 one of this act, to be deposited in a special account in the name of the
 New  York city housing authority.  Payment from such account shall be on
 the authorization of the commissioner of the department of housing pres-
 ervation and development.
   § 6. This act shall take effect immediately.

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Senate Bill S5267A

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Sponsored By

Brian Kavanagh

Archive: Last Bill Status - In Senate Committee Cities Committee

Bill Amendments

co-Sponsors

Julia Salazar

2019-S5267 - Details

2019-S5267 - Summary

2019-S5267 - Sponsor Memo

2019-S5267 - Bill Text download pdf

co-Sponsors

Julia Salazar

2019-S5267A (ACTIVE) - Details

2019-S5267A (ACTIVE) - Summary

2019-S5267A (ACTIVE) - Sponsor Memo

2019-S5267A (ACTIVE) - Bill Text download pdf

Comments