Assembly Bill A496

2021-2022 Legislative Session

Relates to limitations on assessed value for any parcel that is held in cooperative or condominium forms of ownership

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2021-A496 (ACTIVE) - Details

See Senate Version of this Bill:
S4139
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §1805, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A8584
2019-2020: A227, S2552
2023-2024: S1897

2021-A496 (ACTIVE) - Summary

Extends the transitional assessed value of parcels held in cooperative or condominium forms of ownership to twelve years.

2021-A496 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    496
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
   Committee on Real Property Taxation
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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