Assembly Bill A686

2021-2022 Legislative Session

Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings

download bill text pdf

Sponsored By

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-A686 (ACTIVE) - Details

See Senate Version of this Bill:
S4147
Current Committee:
Assembly Housing
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-240.2, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2011-2012: A9466, S6572
2013-2014: A915, S1866
2015-2016: A1074, S3181
2017-2018: A338, S5229
2019-2020: A250, S2946
2023-2024: S1893

2021-A686 (ACTIVE) - Summary

Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings.

2021-A686 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    686
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by  M. of A. BRAUNSTEIN, WEPRIN, DINOWITZ -- Multi-Sponsored
   by -- M. of A.  BARNWELL -- read once and referred to the Committee on
   Housing
 
 AN ACT to amend the administrative code of the  city  of  New  York,  in
   relation  to rates of increase of assessed values of cooperative units
   and condominiums
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The administrative code of the city of New York is amended
 by adding a new section 11-240.2 to read as follows:
   §  11-240.2  ASSESSMENTS  FOLLOWING  TAX  CERTIORARI  SETTLEMENT.  THE
 ASSESSED  VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPO-
 RATION OR ON A CONDOMINIUM BASIS SHALL INCREASE BY NO  MORE  THAN  THREE
 PERCENT  IN  THE  TWO  YEARS  FOLLOWING THE RESOLUTION OF TAX CERTIORARI
 PROCEEDINGS ON SUCH PROPERTY.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03443-01-1

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