Bill Text: NY A00496 | 2021-2022 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to real property taxation [A00496 Detail]

Download: New_York-2021-A00496-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           496

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                       (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:

     1    Section  1.  Section  1805  of the real property tax law is amended by
     2  adding a new subdivision 7 to read as follows:
     3    7. Notwithstanding any provision  of  law  to  the  contrary,  if  the
     4  assessment appearing on an assessment roll beginning with the assessment
     5  roll  completed  the same year as the effective date of this subdivision
     6  and for each subsequent assessment roll for any parcel that is  held  in
     7  cooperative  or  condominium  forms  of  ownership,  is greater than the
     8  assessment appearing on the previous year's assessment roll the assessor
     9  shall determine a transition assessment for such parcel  for  the  first
    10  assessment roll on which such greater assessment appears and for each of
    11  the  succeeding  eleven  assessment  rolls  by  computing the difference
    12  between such greater assessment and the  assessment  appearing  on  such
    13  previous  year's assessment roll and adding the following percentages of
    14  such difference to the assessment  appearing  on  such  previous  year's
    15  assessment  roll: in the first year, eight and one-third percent; in the
    16  second year, sixteen and two-thirds percent; in the third year,  twenty-
    17  five percent; in the fourth year, thirty-three and one-third percent; in
    18  the  fifth  year,  forty-one  and two-thirds percent; in the sixth year,
    19  fifty percent; in the seventh year, fifty-eight and  one-third  percent;
    20  in the eighth year, sixty-six and two-thirds percent; in the ninth year,
    21  seventy-five  percent;  in  the  tenth  year, eighty-three and one-third
    22  percent; in the eleventh year, ninety-one and two-thirds percent; and in
    23  the twelfth year, one hundred percent. If the assessment of a parcel  is

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03428-01-1
        A. 496                              2

     1  increased  during  a  period  for which transition assessments have been
     2  established because of any prior assessment increases, such new increase
     3  shall be phased-in over a twelve-year period as set forth in this subdi-
     4  vision,  and such phased-in increases shall be added to the transitional
     5  assessments previously established for  the  prior  increase;  provided,
     6  however,  that if in any year any such transition assessment exceeds the
     7  actual assessment for such year, taxes imposed on such parcel  for  such
     8  year  shall  be  based on such lesser actual assessment. Notwithstanding
     9  the foregoing, during the period of any such transition, the  assessment
    10  roll  shall  contain an entry of the full amount of such greater assess-
    11  ment which shall be used by the commissioner  in  its  determination  of
    12  class  ratios  pursuant  to  paragraph (b) of subdivision one of section
    13  twelve hundred two of this chapter. In establishing  state  equalization
    14  rates,  class  equalization  rates, special state equalization rates and
    15  special state equalization ratios under article twelve, article twelve-A
    16  and article twelve-B of this chapter, the  commissioner  shall  use  the
    17  transition assessments as provided for in this subdivision in its deter-
    18  minations,  or  where  the  actual assessment is the lesser, such actual
    19  assessment shall be so used.
    20    § 2. This act shall take effect on the first of January next  succeed-
    21  ing  the  date  on  which  it shall have become a law and shall apply to
    22  assessment rolls prepared pursuant to a taxable status date occurring on
    23  or after such  date.  Effective  immediately,  the  addition,  amendment
    24  and/or repeal of any rule or regulation necessary for the implementation
    25  of  this  act  on  its  effective  date  are  authorized  to be made and
    26  completed on or before such effective date.