Bill Text: NY A07126 | 2021-2022 | General Assembly | Introduced
Bill Title: Extends certain provisions relating to a 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.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2021-06-03 - substituted by s7031 [A07126 Detail]
Download: New_York-2021-A07126-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7126 2021-2022 Regular Sessions IN ASSEMBLY April 23, 2021 ___________ Introduced by M. of A. QUART -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to extending certain provisions relating to a 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: 1 Section 1. Paragraphs (a) and (b) of subdivision 2 of section 467-a of 2 the real property tax law, as amended by chapter 90 of the laws of 2019, 3 are amended to read as follows: 4 (a) In a city having a population of one million or more, dwelling 5 units owned by unit owners who, as of the applicable taxable status 6 date, own no more than three dwelling units in any one property held in 7 the condominium form of ownership, shall be eligible to receive a 8 partial abatement of real property taxes, as set forth in paragraphs 9 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 10 sion; provided, however, that a property held in the condominium form of 11 ownership that is receiving complete or partial real property tax 12 exemption or tax abatement pursuant to any other provision of this chap- 13 ter or any other state or local law, except as provided in paragraph (f) 14 of this subdivision, shall not be eligible to receive a partial abate- 15 ment pursuant to this section; and provided, further, that sponsors 16 shall not be eligible to receive a partial abatement pursuant to this 17 section; and provided, further, that in the fiscal years commencing in 18 calendar years two thousand twelve through two thousand [twenty] twen- 19 ty-two no more than a maximum of three dwelling units owned by any unit 20 owner in a single building, one of which must be the primary residence 21 of such unit owner, shall be eligible to receive a partial abatement 22 pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) of this subdivi- 23 sion. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11055-01-1A. 7126 2 1 (b) In a city having a population of one million or more, dwelling 2 units owned by tenant-stockholders who, as of the applicable taxable 3 status date, own no more than three dwelling units in any one property 4 held in the cooperative form of ownership, shall be eligible to receive 5 a partial abatement of real property taxes, as set forth in paragraphs 6 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 7 sion; provided, however, that a property held in the cooperative form of 8 ownership that is receiving complete or partial real property tax 9 exemption or tax abatement pursuant to any other provision of this chap- 10 ter or any other state or local law, except as provided in paragraph (f) 11 of this subdivision, shall not be eligible to receive a partial abate- 12 ment pursuant to this section; and provided, further, that sponsors 13 shall not be eligible to receive a partial abatement pursuant to this 14 section; and provided, further, that in the fiscal years commencing in 15 calendar years two thousand twelve through two thousand [twenty] twen- 16 ty-two no more than a maximum of three dwelling units owned by any 17 tenant-stockholder in a single building, one of which must be the prima- 18 ry residence of such tenant-stockholder, shall be eligible to receive a 19 partial abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) 20 of this subdivision. For purposes of this section, a tenant-stockholder 21 of a cooperative apartment corporation shall be deemed to own the dwell- 22 ing unit which is represented by his or her shares of stock in such 23 corporation. Any abatement so granted shall be credited by the appropri- 24 ate taxing authority against the tax due on the property as a whole. The 25 reduction in real property taxes received thereby shall be credited by 26 the cooperative apartment corporation against the amount of such taxes 27 attributable to eligible dwelling units at the time of receipt. 28 § 2. Paragraphs (d-1), (d-2), (d-3) and (d-4) of subdivision 2 of 29 section 467-a of the real property tax law, as amended by chapter 90 of 30 the laws of 2019, are amended to read as follows: 31 (d-1) In the fiscal years commencing in calendar years two thousand 32 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 33 ing units in property whose average unit assessed value is less than or 34 equal to fifty thousand dollars shall receive a partial abatement of the 35 real property taxes attributable to or due on such dwelling units of 36 twenty-five percent, twenty-six and one-half percent and twenty-eight 37 and one-tenth percent respectively. In the fiscal years commencing in 38 calendar years two thousand fifteen through two thousand [twenty] twen- 39 ty-two eligible dwelling units in property whose average unit assessed 40 value is less than or equal to fifty thousand dollars shall receive a 41 partial abatement of the real property taxes attributable to or due on 42 such dwelling units of twenty-eight and one-tenth percent. 43 (d-2) In the fiscal years commencing in calendar years two thousand 44 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 45 ing units in property whose average unit assessed value is more than 46 fifty thousand dollars, but less than or equal to fifty-five thousand 47 dollars, shall receive a partial abatement of the real property taxes 48 attributable to or due on such dwelling units of twenty-two and one-half 49 percent, twenty-three and eight-tenths percent and twenty-five and two- 50 tenths percent respectively. In the fiscal years commencing in calendar 51 years two thousand fifteen through two thousand [twenty] twenty-two 52 eligible dwelling units in property whose average unit assessed value is 53 more than fifty thousand dollars, but less than or equal to fifty-five 54 thousand dollars, shall receive a partial abatement of the real property 55 taxes attributable to or due on such dwelling units of twenty-five and 56 two-tenths percent.A. 7126 3 1 (d-3) In the fiscal years commencing in calendar years two thousand 2 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 3 ing units in property whose average unit assessed value is more than 4 fifty-five thousand dollars, but less than or equal to sixty thousand 5 dollars, shall receive a partial abatement of the real property taxes 6 attributable to or due on such dwelling units of twenty percent, twen- 7 ty-one and two-tenths percent, and twenty-two and five-tenths percent 8 respectively. In the fiscal years commencing in calendar years two thou- 9 sand fifteen through two thousand [twenty] twenty-two eligible dwelling 10 units in property whose average unit assessed value is more than fifty- 11 five thousand dollars, but less than or equal to sixty thousand dollars, 12 shall receive a partial abatement of the real property taxes attribut- 13 able to or due on such dwelling units of twenty-two and five-tenths 14 percent. 15 (d-4) In the fiscal years commencing in calendar years two thousand 16 twelve through two thousand [twenty] twenty-two, eligible dwelling units 17 in property whose average unit assessed value is more than sixty thou- 18 sand dollars shall receive a partial abatement of the real property 19 taxes attributable to or due on such dwelling units of seventeen and 20 one-half percent. 21 § 3. Paragraph (a) of subdivision 3 of section 467-a of the real prop- 22 erty tax law, as amended by chapter 90 of the laws of 2019, is amended 23 to read as follows: 24 (a) An application for an abatement pursuant to this section for the 25 fiscal year commencing in calendar year nineteen hundred ninety-six 26 shall be made no later than the fifteenth day of September, nineteen 27 hundred ninety-six. An application for an abatement pursuant to this 28 section for the fiscal year commencing in calendar year nineteen hundred 29 ninety-seven shall be made no later than the first day of April, nine- 30 teen hundred ninety-seven. An application for an abatement pursuant to 31 this section for the fiscal year commencing in calendar year nineteen 32 hundred ninety-eight shall be made no later than the first day of April, 33 nineteen hundred ninety-eight. An application for an abatement pursuant 34 to this section for the fiscal year commencing in calendar year nineteen 35 hundred ninety-nine shall be made in accordance with this subdivision 36 and subdivision three-a of this section. An application for an abatement 37 pursuant to this section for the fiscal year commencing in calendar year 38 two thousand shall be made no later than the fifteenth day of February, 39 two thousand. An application for an abatement pursuant to this section 40 for the fiscal year commencing in calendar year two thousand one shall 41 be made in accordance with this subdivision and subdivision three-b of 42 this section. An application for an abatement pursuant to this section 43 for the fiscal year commencing in calendar year two thousand two shall 44 be made no later than the fifteenth day of February, two thousand two. 45 An application for an abatement pursuant to this section for the fiscal 46 year commencing in calendar year two thousand three shall be made no 47 later than the fifteenth day of February, two thousand three. An appli- 48 cation for an abatement pursuant to this section for the fiscal year 49 commencing in calendar year two thousand four shall be made in accord- 50 ance with this subdivision and subdivision three-c of this section. An 51 application for an abatement pursuant to this section for the fiscal 52 year commencing in calendar year two thousand five shall be made no 53 later than the fifteenth day of February, two thousand five. An applica- 54 tion for an abatement pursuant to this section for the fiscal year 55 commencing in calendar year two thousand six shall be made no later than 56 the fifteenth day of February, two thousand six. An application for anA. 7126 4 1 abatement pursuant to this section for the fiscal year commencing in 2 calendar year two thousand seven shall be made no later than the 3 fifteenth day of February, two thousand seven. An application for abate- 4 ment pursuant to this section for the fiscal year commencing in calendar 5 year two thousand eight shall be made in accordance with this subdivi- 6 sion and subdivision three-d of this section. An application for an 7 abatement pursuant to this section for the fiscal year commencing in 8 calendar year two thousand nine shall be made no later than the 9 fifteenth day of February, two thousand nine. An application for an 10 abatement pursuant to this section for the fiscal year commencing in 11 calendar year two thousand ten shall be made no later than the fifteenth 12 day of February, two thousand ten. An application for an abatement 13 pursuant to this section for the fiscal year commencing in calendar year 14 two thousand eleven shall be made no later than the fifteenth day of 15 February, two thousand eleven. An application for an abatement pursuant 16 to this section for the fiscal years commencing in calendar years two 17 thousand twelve and two thousand thirteen shall be made in accordance 18 with subdivision three-e of this section. The date or dates by which 19 applications for an abatement pursuant to this section shall be made for 20 the fiscal years beginning in calendar years two thousand fourteen 21 through two thousand [twenty] twenty-two shall be established by the 22 commissioner of finance by rule, provided that such date or dates shall 23 not be later than the fifteenth day of February for such calendar years. 24 § 4. This act shall take effect immediately.
