NY State Senate Bill 2023-S7696A

Current Bill Status - In Senate Committee Local Government 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
Feb 08, 2024	print number 7696a
Feb 08, 2024	amend and recommit to local government
Jan 03, 2024	referred to local government
Oct 13, 2023	referred to rules

Bill Amendments

Original

A (Active)

2023-S7696 - Details

See Assembly Version of this Bill:: A8183
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Amd §581, RPT L; amd §339-y, RP L

2023-S7696 - Summary

Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.

2023-S7696 - Sponsor Memo

                                 
BILL NUMBER: S7696

SPONSOR: STEC
 
TITLE OF BILL:

An act to amend the real property tax law and the real property law, in
relation to the taxation of property owned by a cooperative corporation

 
PURPOSE:

To allow the towns to consider the sum of the assessments of individual
cooperative or condominium units to exceed the value of the entire coop-
erative or condominium complex if valued as a single entity

 
SUMMARY OF PROVISIONS:

Section 1- Adds a paragraph to subdivision one of section 581 of the
Real Property Tax Law to authorize the towns of Bolton, Horicon, Thur-
man, Queensbury, and Warrensburg to pass a local law to exclude the Town
from the section's provisions related to the sum of the assessments of
individual cooperative or condominium units.

Section 2 - Adds a paragraph to subdivision one of section 339-y of the
Real Property Law to authorize the towns of Bolton, Horicon, Thurman,
Queensbury, and Warrensburg to pass a local law to exclude the Town from
the section's provisions related to the sum of assessments of individual
cooperative or condominium units.

Section 3 - Provides effective date.

 
JUSTIFICATION:

As currently written, the Real Property Tax Law and the Real Property
Law does not allow towns to consider the sum of the assessments of indi-
vidual cooperative or condominium units to exceed the value of the
entire complex if it was valued as a single entity.

The restriction reduces condominium and cooperative assessments by
preventing the use of sales of units in the assessment process.  State
and local officials widely regard the restriction as an unreasonable
state mandate that unfairly limits the ability of local governments to
generate revenue.

Town boards from each town included in this legislation have passed
resolutions seeking this authority.

 
LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to assessment
rolls prepared on the basis of taxable status dates occurring on or
after January 1, 2025.

2023-S7696 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7696
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             October 13, 2023
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the real property tax law and the real property law,  in
   relation  to  the  taxation  of property owned by a cooperative corpo-
   ration

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 1 of section 581 of the real property tax law
 is amended by adding a new paragraph (e) to read as follows:
   (E) THE PROVISIONS OF PARAGRAPH (A)  OF  THIS  SUBDIVISION  SHALL  NOT
 APPLY  TO  REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR
 ON A CONDOMINIUM BASIS IN THE TOWNS OF BOLTON, HORICON, THURMAN, QUEENS-
 BURY, AND WARRENSBURG, LOCATED IN WARREN  COUNTY,  WHICH  HAVE  ADOPTED,
 PRIOR TO THE TAXABLE STATUS DATE OF THE ASSESSMENT ROLL UPON WHICH THEIR
 TAXES  WILL BE LEVIED, LOCAL LAWS PROVIDING THAT THE PROVISIONS OF PARA-
 GRAPH (A) OF THIS SUBDIVISION SHALL NOT  APPLY  TO  SUCH  REAL  PROPERTY
 WITHIN  SUCH  TOWNS; PROVIDED, HOWEVER, THE PROVISIONS OF THIS PARAGRAPH
 SHALL NOT APPLY TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPO-
 RATION OR ON A CONDOMINIUM BASIS THAT HAD BEEN PREVIOUSLY SUBJECT TO THE
 PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION PRIOR TO JANUARY  FIRST,
 TWO  THOUSAND  TWENTY-FIVE; PROVIDED FURTHER, HOWEVER, THE PROVISIONS OF
 THIS PARAGRAPH SHALL NOT APPLY TO REAL PROPERTY OWNED  OR  LEASED  BY  A
 COOPERATIVE  CORPORATION OR ON A CONDOMINIUM BASIS THAT IS PARTICIPATING
 IN AN AFFORDABLE HOUSING TAX CREDIT PROGRAM OR HAS A  REGULATORY  AGREE-
 MENT  WITH A FEDERAL, STATE, OR LOCAL AGENCY RELATED TO AFFORDABLE HOUS-
 ING REQUIREMENTS.
   § 2. Subdivision 1 of section  339-y  of  the  real  property  law  is
 amended by adding a new paragraph (h) to read as follows:
   (H)  THE  PROVISIONS  OF  PARAGRAPH  (B) OF THIS SUBDIVISION SHALL NOT
 APPLY TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  OR
 ON A CONDOMINIUM BASIS IN THE TOWNS OF BOLTON, HORICON, THURMAN, QUEENS-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13401-01-3

 S. 7696                             2
 
 BURY,  AND  WARRENSBURGH,  LOCATED IN WARREN COUNTY, WHICH HAVE ADOPTED,
 PRIOR TO THE TAXABLE STATUS DATE OF THE ASSESSMENT ROLL UPON WHICH THEIR
 TAXES WILL BE LEVIED, LOCAL LAWS PROVIDING THAT THE PROVISIONS OF  PARA-
 GRAPH  (B)  OF  THIS  SUBDIVISION  SHALL NOT APPLY TO SUCH REAL PROPERTY
 WITHIN SUCH TOWNS; PROVIDED, HOWEVER, THE PROVISIONS OF  THIS  PARAGRAPH
 SHALL NOT APPLY TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPO-
 RATION OR ON A CONDOMINIUM BASIS THAT HAD BEEN PREVIOUSLY SUBJECT TO THE
 PROVISIONS  OF PARAGRAPH (B) OF THIS SUBDIVISION PRIOR TO JANUARY FIRST,
 TWO THOUSAND TWENTY-FIVE; PROVIDED FURTHER, HOWEVER, THE  PROVISIONS  OF
 THIS  PARAGRAPH  SHALL  NOT  APPLY TO REAL PROPERTY OWNED OR LEASED BY A
 COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS THAT IS  PARTICIPATING
 IN  AN  AFFORDABLE HOUSING TAX CREDIT PROGRAM OR HAS A REGULATORY AGREE-
 MENT WITH A FEDERAL, STATE, OR LOCAL AGENCY RELATED TO AFFORDABLE  HOUS-
 ING REQUIREMENTS.
   § 3. This act shall take effect immediately and shall apply to assess-
 ment rolls prepared on the basis of taxable status dates occurring on or
 after January 1, 2025.

2023-S7696A (ACTIVE) - Details

See Assembly Version of this Bill:: A8183
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Amd §581, RPT L; amd §339-y, RP L

2023-S7696A (ACTIVE) - Summary

Relates to the taxation of property owned by a cooperative corporation in the towns of Bolton, Horicon, Thurman, Queensbury, Lake George, and Warrensburg.

2023-S7696A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S7696A

SPONSOR: STEC
 
TITLE OF BILL:

An act to amend the real property tax law and the real property law, in
relation to the taxation of property owned by a cooperative corporation

 
PURPOSE:

To allow the towns to consider the sum of the assessments of individual
cooperative or condominium units to exceed the value of the entire coop-
erative or condominium complex if valued as a single entity

 
SUMMARY OF PROVISIONS:

Section 1- Adds a paragraph to subdivision one of section 581 of the
Real Property Tax Law to authorize the towns of Bolton, Horicon, Lake
George, Thurman, Queensbury, and Warrensburg to pass a local law to
exclude the Town from the section's provisions related to the sum of the
assessments of individual cooperative or condominium units.

Section 2 - Adds a paragraph to subdivision one of section 339-y of the
Real Property Law to authorize the towns of Bolton, Horicon, Lake
George, Thurman, Queensbury, and Warrensburg to pass a local law to
exclude the Town from the section's provisions related to the sum of
assessments of individual cooperative or condominium units.

Section 3 - Provides effective date.

 
JUSTIFICATION:

As currently written, the Real Property Tax Law and the Real Property
Law does not allow towns to consider the sum of the assessments of indi-
vidual cooperative or condominium units to exceed the value of the
entire complex if it was valued as a single entity. The restriction
reduces condominium and cooperative assessments by preventing the use of
sales of units in the assessment process.

State and local officials widely regard the restriction as an unreason-
able state mandate that unfairly limits the ability of local governments
to generate revenue.

Town boards from each town included in this legislation have passed
resolutions seeking this authority.

 
LEGISLATIVE HISTORY:

New bill

 
FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to assessment
rolls prepared on the basis of taxable status dates occurring on or
after January 1, 2025.

2023-S7696A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7696--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             October 13, 2023
                                ___________
 
 Introduced  by  Sen.  STEC  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Rules  --  recommitted  to
   the  Committee  on  Local Government 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 and the real property law, in
   relation to the taxation of property owned  by  a  cooperative  corpo-
   ration
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subdivision 1 of section 581 of the real property  tax  law
 is amended by adding a new paragraph (e) to read as follows:
   (E)  THE  PROVISIONS  OF  PARAGRAPH  (A) OF THIS SUBDIVISION SHALL NOT
 APPLY TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  OR
 ON A CONDOMINIUM BASIS IN THE TOWNS OF BOLTON, HORICON, THURMAN, QUEENS-
 BURY, LAKE GEORGE, AND WARRENSBURG, LOCATED IN WARREN COUNTY, WHICH HAVE
 ADOPTED,  PRIOR  TO  THE TAXABLE STATUS DATE OF THE ASSESSMENT ROLL UPON
 WHICH THEIR  TAXES  WILL  BE  LEVIED,  LOCAL  LAWS  PROVIDING  THAT  THE
 PROVISIONS  OF PARAGRAPH (A) OF THIS SUBDIVISION SHALL NOT APPLY TO SUCH
 REAL PROPERTY WITHIN SUCH TOWNS; PROVIDED, HOWEVER,  THE  PROVISIONS  OF
 THIS  PARAGRAPH  SHALL  NOT  APPLY TO REAL PROPERTY OWNED OR LEASED BY A
 COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS THAT HAD  BEEN  PREVI-
 OUSLY  SUBJECT  TO  THE  PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION
 PRIOR TO JANUARY FIRST,  TWO  THOUSAND  TWENTY-FIVE;  PROVIDED  FURTHER,
 HOWEVER,  THE PROVISIONS OF THIS PARAGRAPH SHALL NOT APPLY TO REAL PROP-
 ERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR  ON  A  CONDOMINIUM
 BASIS  THAT IS PARTICIPATING IN AN AFFORDABLE HOUSING TAX CREDIT PROGRAM
 OR HAS A REGULATORY AGREEMENT WITH A FEDERAL,  STATE,  OR  LOCAL  AGENCY
 RELATED TO AFFORDABLE HOUSING REQUIREMENTS.
   §  2.  Subdivision  1  of  section  339-y  of the real property law is
 amended by adding a new paragraph (h) to read as follows:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13401-02-4

 S. 7696--A                          2
 
   (H) THE PROVISIONS OF PARAGRAPH (B)  OF  THIS  SUBDIVISION  SHALL  NOT
 APPLY  TO  REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR
 ON A CONDOMINIUM BASIS IN THE TOWNS OF BOLTON, HORICON, THURMAN, QUEENS-
 BURY, LAKE GEORGE, AND WARRENSBURG, LOCATED IN WARREN COUNTY, WHICH HAVE
 ADOPTED,  PRIOR  TO  THE TAXABLE STATUS DATE OF THE ASSESSMENT ROLL UPON
 WHICH THEIR  TAXES  WILL  BE  LEVIED,  LOCAL  LAWS  PROVIDING  THAT  THE
 PROVISIONS  OF PARAGRAPH (B) OF THIS SUBDIVISION SHALL NOT APPLY TO SUCH
 REAL PROPERTY WITHIN SUCH TOWNS; PROVIDED, HOWEVER,  THE  PROVISIONS  OF
 THIS  PARAGRAPH  SHALL  NOT  APPLY TO REAL PROPERTY OWNED OR LEASED BY A
 COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS THAT HAD  BEEN  PREVI-
 OUSLY  SUBJECT  TO  THE  PROVISIONS OF PARAGRAPH (B) OF THIS SUBDIVISION
 PRIOR TO JANUARY FIRST,  TWO  THOUSAND  TWENTY-FIVE;  PROVIDED  FURTHER,
 HOWEVER,  THE PROVISIONS OF THIS PARAGRAPH SHALL NOT APPLY TO REAL PROP-
 ERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR  ON  A  CONDOMINIUM
 BASIS  THAT IS PARTICIPATING IN AN AFFORDABLE HOUSING TAX CREDIT PROGRAM
 OR HAS A REGULATORY AGREEMENT WITH A FEDERAL,  STATE,  OR  LOCAL  AGENCY
 RELATED TO AFFORDABLE HOUSING REQUIREMENTS.
   § 3. This act shall take effect immediately and shall apply to assess-
 ment rolls prepared on the basis of taxable status dates occurring on or
 after January 1, 2025.

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Senate Bill S7696A

Sponsored By

Current Bill Status - In Senate Committee Local Government Committee

Bill Amendments

2023-S7696 - Details

2023-S7696 - Summary

2023-S7696 - Sponsor Memo

2023-S7696 - Bill Text download pdf

2023-S7696A (ACTIVE) - Details

2023-S7696A (ACTIVE) - Summary

2023-S7696A (ACTIVE) - Sponsor Memo

2023-S7696A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S7696A

Share this bill

Sponsored By

Daniel G. Stec

Current Bill Status - In Senate Committee Local Government Committee

Bill Amendments

2023-S7696 - Details

2023-S7696 - Summary

2023-S7696 - Sponsor Memo

2023-S7696 - Bill Text download pdf

2023-S7696A (ACTIVE) - Details

2023-S7696A (ACTIVE) - Summary

2023-S7696A (ACTIVE) - Sponsor Memo

2023-S7696A (ACTIVE) - Bill Text download pdf

Comments