Bill Text: NY A10600 | 2023-2024 | General Assembly | Introduced

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Bill Title: Abolishes the class share system and partial valuation; provides a homestead exemption and a real property tax circuit breaker abatement; repeals partial tax abatement for residential real property held in the cooperative or condominium form of ownership; defines co-ops and condominiums as class one properties.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-06-20 - referred to real property taxation [A10600 Detail]

Download: New_York-2023-A10600-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10600

                   IN ASSEMBLY

                                      June 20, 2024
                                       ___________

        Introduced by COMMITTEE ON RULES -- (at request of M. of A. Rajkumar) --
          read once and referred to the Committee on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to abolishing the
          class share system in certain cities; and to repeal certain provisions
          of  such law relating thereto (Part A); to amend the real property tax
          law, in relation to a homestead exemption (Part B); to amend the  real
          property tax law, in relation to a circuit breaker tax abatement (Part
          C);  to  amend the real property law and the real property tax law, in
          relation to the assessment of residential cooperative, condominium and
          rental property; and to repeal certain provisions of the real property
          tax law relating thereto (Part D); to amend the administrative code of
          the city of New York, in relation to cooperative housing corporations;
          and to repeal certain provisions of the  real  property  tax  law,  in
          relation to a partial tax abatement for residential real property held
          in  the  cooperative or condominium form of ownership (Part E); and to
          amend the administrative code of the city of New  York  and  the  real
          property  tax  law,  in  relation  to the determination of fair market
          value (Part F)

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  This  act  shall  be  known and may be cited as the "five
     2  borough fair property tax act".
     3    § 2. This act enacts into law components of legislation necessary  for
     4  the  implementation of New York city property tax reform. Each component
     5  is wholly contained within a Part identified as Parts A through  F.  The
     6  effective  date for each particular provision contained within such Part
     7  is set forth in the last section of such  Part.  Any  provision  in  any
     8  section  contained  within  a  Part, including the effective date of the
     9  Part, which makes a reference to a section "of this act", when  used  in
    10  connection  with  that particular component, shall be deemed to mean and
    11  refer to the corresponding section of the Part in  which  it  is  found.
    12  Section  four  of this act sets forth the general effective date of this
    13  act.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15160-03-4
        A. 10600                            2

     1                                   PART A

     2    Section  1. Subdivision 1 of section 1802 of the real property tax law
     3  is amended by adding a new paragraph class one-a to read as follows:
     4    Class one-a: in a city with a population of one million  or  more  (a)
     5          all one, two and three family residential real property, includ-
     6          ing  such dwellings used in part for nonresidential purposes but
     7          which are used primarily  for  residential  purposes,  including
     8          property  held in cooperative or condominium forms of ownership;
     9          and provided that, notwithstanding the provisions  of  paragraph
    10          (g)  of  subdivision  twelve  of section one hundred two of this
    11          chapter, a mobile home or a  trailer  shall  not  be  classified
    12          within  this  class  unless  it is owner-occupied and separately
    13          assessed; and (b) residential real property  consisting  of  one
    14          family  house structures owned by the occupant, situated on land
    15          held in cooperative ownership by owner occupiers;  and  (c)  all
    16          vacant  land  (i) other than such land in the borough of Manhat-
    17          tan, provided that any such vacant land which is not zoned resi-
    18          dential  must  be  situated  immediately  adjacent  to  property
    19          improved  with  a  residential  structure as defined in subpara-
    20          graphs (a) and (b) of this paragraph, be owned by the same owner
    21          as such immediately adjacent  residential  property  immediately
    22          prior  to  and  since January 1, 1989, and have a total area not
    23          exceeding 10,000 square feet; and (ii) located in the borough of
    24          Manhattan north of or adjacent to the north side of 110th street
    25          provided such vacant land was classified within  this  class  on
    26          the  assessment  roll  with  a taxable status date of January 5,
    27          2008 and the owner of such land  has  entered  into  a  recorded
    28          agreement  with  a governmental entity on or before December 31,
    29          2008 requiring construction of housing affordable to persons  or
    30          families  of low income in accordance with the provisions of the
    31          private housing finance law; and (d) all residential real  prop-
    32          erty consisting of four-ten unit rental dwellings. Notwithstand-
    33          ing  the foregoing, such vacant land shall be classified accord-
    34          ing to its use on the assessment roll with a taxable status date
    35          immediately following commencement  of  construction,  provided,
    36          further,  that  construction  pursuant  to  an approved plan for
    37          affordable housing shall have commenced no later  than  December
    38          31, 2010;
    39    §  2. Paragraph class one of subdivision 1 of section 1802 of the real
    40  property tax law, as amended by chapter 332 of  the  laws  of  2008,  is
    41  amended to read as follows:
    42    Class  one:  outside  a city with a population of one million or  more
    43          (a) all one, two and three  family  residential  real  property,
    44          including   such  dwellings  used  in  part  for  nonresidential
    45          purposes but which are used primarily for residential  purposes,
    46          except such property held in cooperative or condominium forms of
    47          ownership  other  than (i) property defined in subparagraphs (b)
    48          and (c) of this paragraph and (ii) property  which  contains  no
    49          more  than  three  dwelling  units  held  in condominium form of
    50          ownership and which was classified within this class on a previ-
    51          ous assessment roll;  and  provided  that,  notwithstanding  the
    52          provisions of paragraph (g) of subdivision twelve of section one
    53          hundred  two  of  this chapter, a mobile home or a trailer shall
    54          not be classified within this class unless it is  owner-occupied
    55          and  separately  assessed; and (b) residential real property not
        A. 10600                            3

     1          more than three stories in height held in  condominium  form  of
     2          ownership, provided that no dwelling unit therein previously was
     3          on an assessment roll as a dwelling unit in other than condomin-
     4          ium  form  of  ownership;  and  (c)  residential  real  property
     5          consisting of one family house structures owned by the occupant,
     6          situated on land held in cooperative ownership by owner  occupi-
     7          ers,  provided  that; (i) such house structures and land consti-
     8          tuted bungalow colonies in existence prior to  nineteen  hundred
     9          forty;  and  (ii)  the land is held in cooperative ownership for
    10          the sole  purpose  of  maintaining  one  family  residences  for
    11          members  own  use;  and  (d)  all  vacant  land located within a
    12          special assessing unit which is a city [(i) other than such land
    13          in the borough of Manhattan], provided that any such vacant land
    14          which is not zoned  residential  must  be  situated  immediately
    15          adjacent  to  property  improved with a residential structure as
    16          defined in subparagraphs (a) and (b) of this paragraph, be owned
    17          by the same owner as such immediately adjacent residential prop-
    18          erty immediately prior to and since January 1, 1989, and have  a
    19          total  area  not exceeding 10,000 square feet; [and (ii) located
    20          in the borough of Manhattan north of or adjacent  to  the  north
    21          side  of  110th  street provided such vacant land was classified
    22          within this class on the assessment roll with a  taxable  status
    23          date  of  January 5, 2008 and the owner of such land has entered
    24          into a recorded agreement  with  a  governmental  entity  on  or
    25          before  December  31,  2008  requiring  construction  of housing
    26          affordable to persons or families of low  income  in  accordance
    27          with the provisions of the private housing finance law. Notwith-
    28          standing  the  foregoing,  such  vacant land shall be classified
    29          according to its use on  the  assessment  roll  with  a  taxable
    30          status  date immediately following commencement of construction,
    31          provided further, that construction pursuant to an approved plan
    32          for affordable housing shall commence no later than December 31,
    33          2010;] and (e) all vacant land located within a special  assess-
    34          ing  unit  which  is  not a city, provided that such vacant land
    35          which is not zoned  residential  must  be  situated  immediately
    36          adjacent  to  real  property defined in subparagraph (a), (b) or
    37          (c) of this paragraph and be owned by the same person or persons
    38          who own the real property defined  in  such  subparagraph  imme-
    39          diately prior to and since January 1, 2003;
    40    §  3.  The  real  property  tax law is amended by adding a new section
    41  1803-c to read as follows:
    42    § 1803-c. Real property tax rates in a city of  one  million  or  more
    43  during the phase-in period. 1. Beginning in the first year of the phase-
    44  in period pursuant to subdivision seven of section eighteen hundred five
    45  of  this  article, the legislative body of the assessing unit shall levy
    46  annual taxes at such rates that the revenue projected is  no  more  than
    47  one  per  centum greater than the revenue of the previous year, and that
    48  result in all properties in each property class  contributing  the  same
    49  percentage  of  gross  levy  as the previous year, irrespective of their
    50  classification in the previous year. Thereafter, any  change  in  annual
    51  tax  rates must retain the same ratio among class rates for the duration
    52  of the phase-in period.
    53    2. Beginning with the first year following the phase-in period  pursu-
    54  ant  to subdivision seven of section eighteen hundred five of this arti-
    55  cle, the commissioner of finance shall conduct a ratio study, in accord-
    56  ance  with  the  most  recent  Standard  on  Ratio  Studies   from   the
        A. 10600                            4

     1  International Association of Assessing Officers, to determine the effec-
     2  tive tax rates of all property classes and recommend any change in their
     3  ratio.
     4    3.  In the first year following the phase-in period pursuant to subdi-
     5  vision seven of section eighteen  hundred  five  of  this  article,  the
     6  legislative  body  shall set annual tax rates for each property class in
     7  proportion to its share of the total fair market value of all real prop-
     8  erty as entered on the most recent final assessment roll.    Thereafter,
     9  any  change  in  annual tax rates must retain the same ratio among class
    10  rates until the publication of a new ratio study pursuant to subdivision
    11  two of this section, whereupon the legislative body may alter the  ratio
    12  of annual tax rates for the coming year in consultation with such study.
    13    §  4. Subdivision (a) of section 1801 of the real property tax law, as
    14  added by chapter 1057 of the  laws  of  1981,  is  amended  to  read  as
    15  follows:
    16    (a) "Special assessing unit" means an assessing unit with a population
    17  of one million or more, which is not a city.
    18    §  5. Subdivision (f) of section 1801 of the real property tax law, as
    19  amended by chapter 191 of the laws  of  2001,  is  amended  to  read  as
    20  follows:
    21    (f)  "Base proportion" means [either: (1) for a special assessing unit
    22  which is not a city, the proportion of the  taxable  assessed  value  of
    23  real property which each class constituted of the total taxable assessed
    24  value  of  all  real  property  as  entered on the final assessment roll
    25  completed and filed in calendar year nineteen hundred eighty-one of such
    26  special assessing unit or on the part of that assessment roll applicable
    27  to a portion of the special assessing unit, except  that  for  town  and
    28  county  special districts not included within the definition of portion,
    29  the applicable roll shall be that  which  was  completed  and  filed  in
    30  calendar  year  two  thousand  one,  or (2) for a special assessing unit
    31  which is a city,] the proportion of the taxable assessed value  of  real
    32  property  which  each  class  constituted  of the total taxable assessed
    33  value of all real property as  entered  on  the  final  assessment  roll
    34  completed  and  filed in calendar year nineteen hundred eighty-four, and
    35  as adjusted to  account  for  properties  exempted  under  section  four
    36  hundred  fifty-eight  of  this chapter to the extent such properties are
    37  taxable for education purposes,  provided,  however,  that  the  taxable
    38  assessed  value  of  real  property  subject  to a transition assessment
    39  pursuant to subdivision three of section eighteen hundred five  of  this
    40  article shall be determined from the lesser of the transition assessment
    41  or actual assessment.
    42    §  6.  Paragraph  (b)  of  subdivision 1 of section 1803-b of the real
    43  property tax law is REPEALED.
    44    § 7.  Subdivision 2 of section 305 of the real property  tax  law,  as
    45  added  by  chapter  1057  of  the  laws  of  1981, is amended to read as
    46  follows:
    47    2. All real property in each assessing unit shall  be  assessed  at  a
    48  uniform percentage of value (fractional assessment) [except that, if the
    49  administrative  code  of a city with a population of one million or more
    50  permitted, prior to January first, nineteen hundred eighty-one, a  clas-
    51  sified  assessment standard, such standard shall govern unless such city
    52  by local law shall elect to  be  governed  by  the  provisions  of  this
    53  section].  In  a city with a population of one million or more, all real
    54  property in each assessing unit shall be assessed at one hundred percent
    55  of its fair market value.
        A. 10600                            5

     1    § 8. Section 1805 of the real property tax law is amended by adding  a
     2  new subdivision 7 to read as follows:
     3    7. (a) Notwithstanding any provision of law to the contrary, in a city
     4  with  a population of one million or more, beginning with the assessment
     5  roll completed in two thousand twenty-five, for a  class  one  property,
     6  the  assessor  shall  compute  any  increase  in tax liability due to an
     7  increase in assessed value as a phase-in pursuant to the  provisions  of
     8  this  subdivision. The annual tax during each taxable year of the phase-
     9  in period shall be computed as follows:
    10    (i) multiply the sales-based valuation of the property  in  the  first
    11  taxable year of the phase-in by the new tax rate;
    12    (ii)  subtract  from  the  result obtained in subparagraph (i) of this
    13  paragraph the annual tax for the final taxable year before the  phase-in
    14  period;
    15    (iii)  divide  the  result obtained in subparagraph (ii) of this para-
    16  graph by five;
    17    (iv) add the result obtained in subparagraph (iii) of  this  paragraph
    18  to the annual tax for the previous year;
    19    (v)  multiply  the  most  recent  sales-based valuation by the new tax
    20  rate;
    21    (vi) subtract the result obtained in subparagraph (i)  of  this  para-
    22  graph  from  the  result obtained in subparagraph (v) of this paragraph;
    23  and
    24    (vii) add the result obtained in subparagraph (vi) of  this  paragraph
    25  to the result obtained in subparagraph (iv) of this paragraph.
    26    (b)   For  taxable  years  during  the  phase-in  period,  the  amount
    27  prescribed by this subdivision for a property owner  qualified  for  the
    28  circuit breaker abatement pursuant to section four hundred twenty-five-b
    29  of this chapter shall be computed to include such reduction.
    30    (c)  If  a  class one property is sold during the phase-in period, the
    31  annual tax for the first taxable year after its sale shall  be  computed
    32  as follows:
    33    (i)  Multiply  the  sales-based valuation of the property in the first
    34  year of the phase-in by the new tax rate;
    35    (ii) Subtract from the result obtained in  subparagraph  (i)  of  this
    36  paragraph  the annual tax for the final taxable year before the phase-in
    37  period;
    38    (iii) Divide the result obtained in subparagraph (ii)  of  this  para-
    39  graph by five;
    40    (iv)  Multiply the result obtained in subparagraph (iii) of this para-
    41  graph by the number of taxable years remaining in the  phase-in  period,
    42  including the one for which this annual tax is computed; and
    43    (v)  Add the result obtained in subparagraph (iv) of this paragraph to
    44  the result obtained in subparagraph (i) of this paragraph.
    45    Thereafter, the annual tax shall be the sales-based  valuation  multi-
    46  plied  by the new tax rate. The  amount  prescribed  by  this  paragraph
    47  for a property owner qualified for the circuit breaker abatement  pursu-
    48  ant  to  section  four  hundred  twenty-five-b  of this chapter shall be
    49  computed to include such reduction.
    50    § 9. This act shall take effect immediately.

    51                                   PART B

    52    Section 1. The real property tax  law  is  amended  by  adding  a  new
    53  section 420-d to read as follows:
        A. 10600                            6

     1     §  420-d.  Homestead  exemption.  1. (a) Within a city having a popu-
     2  lation of one million or more, any class one property  shall  be  exempt
     3  from  taxation  and special ad valorem levies as provided in subdivision
     4  two of this section.
     5    (b)  To  qualify  for exemption pursuant to this section, the property
     6  must be a class one property. If the property  is  not  eligible  but  a
     7  portion  of  the  property  is partially used by a qualifying owner as a
     8  primary residence, that portion which is so used shall  be  entitled  to
     9  the exemption provided by this section.
    10    (c) The property must serve as the primary residence of one or more of
    11  the owners thereof.
    12    (d)  For  purposes  of  the  exemption authorized by this section, the
    13  parcel's affiliated income  may  be  less  than  five  hundred  thousand
    14  dollars.  As  used  in  this section, the term "affiliated income" shall
    15  mean the combined income of all of the owners of the parcel who  resided
    16  primarily  thereon  on  the  applicable  taxable status date, and of any
    17  owners' spouses residing primarily thereon. The term  "income"  as  used
    18  herein  shall  have  the  same  meaning  as in subdivision three of this
    19  section.
    20    (e) Title to that portion of real  property  owned  by  a  cooperative
    21  apartment  corporation in which a tenant-stockholder of such corporation
    22  resides, and which is represented by the tenant-stockholder's  share  or
    23  shares  of  stock  in  such  corporation  as  determined by its or their
    24  proportional relationship to the total outstanding stock of  the  corpo-
    25  ration,  including  that owned by the corporation, shall be deemed to be
    26  vested in such tenant-stockholder. That proportion of the assessment  of
    27  such  real  property owned by a cooperative apartment corporation deter-
    28  mined by the relationship of such real property vested in  such  tenant-
    29  stockholder  to  such  entire  parcel and the buildings thereon owned by
    30  such cooperative apartment corporation in which such  tenant-stockholder
    31  resides  shall  be  subject  to exemption from taxation pursuant to this
    32  section and any exemption so granted shall be credited by the  appropri-
    33  ate taxing authority against the assessed valuation of such real proper-
    34  ty; the reduction in real property taxes realized thereby shall be cred-
    35  ited by the cooperative apartment corporation against the amount of such
    36  taxes otherwise payable by or chargeable to such tenant-stockholder.
    37    2. The homestead property tax exemption provided by this section shall
    38  be as follows:

    39       ANNUAL INCOME                      PERCENTAGE FAIR MARKET VALUE
    40                                          ASSESSED VALUATION
    41                                          EXEMPT FROM TAXATION

    42       Up to $375,000                               20 per centum
    43       Over $375,000 up to $400,000                 16 per centum
    44       Over $400,000 up to $425,000                 12 per centum
    45       Over $425,000 up to $450,000                 8 per centum
    46       Over $450,000 up to $475,000                 4 per centum
    47       Over $475,000 up to $500,000                 2 per centum

    48    3.  The term "income" as used in this section shall mean the "adjusted
    49  gross income" for federal income tax purposes as reported on the  appli-
    50  cant's  federal or state income tax return for the applicable income tax
    51  year, subject to any subsequent  amendments  or  revisions,  reduced  by
    52  distributions,  to the extent included in federal adjusted gross income,
    53  received from an individual retirement account and an individual retire-
        A. 10600                            7

     1  ment annuity; provided that if no such return was filed for the applica-
     2  ble income tax year, "income" shall mean the adjusted gross income  that
     3  would  have  been so reported if such a return had been filed.  Provided
     4  further,  that  where  an  income-eligibility determination is wholly or
     5  partly based upon the income of one or more individuals who did not file
     6  a return for the applicable income tax  year,  then  in  order  for  the
     7  application  to be considered complete, each such individual must file a
     8  statement with the department showing the source  or  sources  of  their
     9  income for that income tax year, and the amount or amounts thereof, that
    10  would  have  been reported on such a return if one had been filed.  Such
    11  statement shall be filed at such time, and in such form and  manner,  as
    12  may be prescribed by the department, and shall be subject to the secrecy
    13  provisions  of the tax law to the same extent that a personal income tax
    14  return would be. The department shall make such forms  and  instructions
    15  available for the filing of such statements. The assessor shall upon the
    16  request  of  a taxpayer assist such taxpayer in the filing of the state-
    17  ment with the department.
    18    4. Any exemption provided by this section shall be computed after  all
    19  other partial exemptions allowed by law, excluding the school tax relief
    20  (STAR)  exemption authorized by section four hundred twenty-five of this
    21  title, have been subtracted from the total  amount  assessed;  provided,
    22  however,  that  no parcel may receive an exemption for the same PILOT or
    23  municipal tax purpose pursuant to both this  section  and  section  four
    24  hundred sixty-seven of this title.
    25    5.  The  commissioner  may  require  such exemption to be granted upon
    26  application by the owner or all of the owners of the real property on  a
    27  form  prescribed  and  made available by the commissioner. The applicant
    28  shall furnish such information as the commissioner shall require. Appli-
    29  cations for the exemption authorized pursuant to this section  shall  be
    30  considered timely filed if they are filed on or before the fifteenth day
    31  of March of the appropriate year.
    32    6.  It  shall  be  the  responsibility of the commissioner to annually
    33  determine all income standards pursuant to this section, to cause notice
    34  thereof to be published in the state  register,  to  disseminate  notice
    35  thereof to assessors, and such other parties as deemed appropriate.
    36    § 2. This act shall take effect immediately.

    37                                   PART C

    38    Section  1.  The  real  property  tax  law  is amended by adding a new
    39  section 425-b to read as follows:
    40    § 425-b. Property tax circuit breaker abatement.  1.  A  city  with  a
    41  population  of one million or more shall provide for a real property tax
    42  abatement as set forth in this section.
    43    2. For the purposes of this section:
    44    (a) "Qualified taxpayer" means a  resident  individual  who  owns  the
    45  class one or class two residential real property and who resides in such
    46  property.
    47    (b)  "Household"  or  "members  of  the  household"  means a qualified
    48  taxpayer or qualified taxpayers and all other persons,  not  necessarily
    49  related,  who  all  reside in the residential real property owned by the
    50  taxpayer or taxpayers, and share its furnishings, facilities and  accom-
    51  modations;  provided  that  no  person  may be a member of more than one
    52  household at one time.
    53    (c) "Household gross income" means the aggregate adjusted gross income
    54  of all members of the household for the taxable  year  as  reported  for
        A. 10600                            8

     1  federal  income  tax  purposes,  or  which would be reported as adjusted
     2  gross income if a federal income tax return were required to  be  filed,
     3  with  the  modifications in subsection (b) of section six hundred twelve
     4  of  the  tax law but without the modifications in subsection (c) of such
     5  section, plus any portion of the gain from the sale or exchange of prop-
     6  erty otherwise excluded from such amount;  earned  income  from  sources
     7  without  the  United  States  excludable  from  federal  gross income by
     8  section nine hundred eleven of the internal revenue code; support  money
     9  not  included  in  adjusted  gross  income;  nontaxable strike benefits;
    10  supplemental security income payments; the gross amount of  any  pension
    11  or  annuity  benefits  to the extent not included in such adjusted gross
    12  income (including, but not limited to, railroad retirement benefits  and
    13  all  payments  received under the federal social security act and veter-
    14  ans' disability pensions); nontaxable interest received from  the  state
    15  of  New  York,  its agencies, instrumentalities, public corporations, or
    16  political subdivisions (including a public corporation created  pursuant
    17  to  agreement or compact with another state or Canada); workers' compen-
    18  sation; the gross amount of "loss-of-time" insurance; and the amount  of
    19  cash  public  assistance  and  relief, other than medical assistance for
    20  needy persons, paid to or for the benefit of the qualified  taxpayer  or
    21  members  of  their  household.  Household gross income shall not include
    22  surplus foods or other relief in kind or payments  made  to  individuals
    23  because  of  their  status  as victims of Nazi persecution as defined in
    24  public law 103-286 or any disability compensation received  by  veterans
    25  on  account  of injury or illness incurred or aggravated during military
    26  service in the wars in Afghanistan and Iraq  since  September  eleventh,
    27  two  thousand  one. Provided, further, household gross income shall only
    28  include all such income received by all members of the  household  while
    29  members of such household.
    30    (d)  "Net real property tax" means the real property taxes assessed on
    31  the residential real property owned and  occupied  by  the  taxpayer  or
    32  taxpayers  after  any  exemption  or abatement received pursuant to this
    33  chapter.
    34    3. (a) An abatement provided by this section shall be  computed  after
    35  all  other exemptions allowed by law have been subtracted from the total
    36  amount assessed.
    37    (b) The real property tax on a parcel of an eligible taxpayer shall be
    38  abated by the abatement amount, which shall be calculated by multiplying
    39  the  taxable  assessed  valuation,  after  application  of   all   other
    40  exemptions  for which such parcel is eligible, by the abatement tax rate
    41  determined pursuant to this subdivision,  provided  that  the  abatement
    42  amount shall not exceed ten thousand dollars.
    43    (c)  A qualified taxpayer whose property tax liability is greater than
    44  ten per centum of their income shall be eligible for an  abatement  from
    45  property taxes, up to ten thousand dollars, as follows:

    46    Household gross income:          Abatement is:
    47    $58,000 or less                  One hundred per centum of remaining tax
    48                                     liability which is greater than ten
    49                                     per centum of household income
    50    Greater than $58,000 up to       Seventy-eight per centum of remaining
    51    $65,000                          tax liability which is greater
    52                                     than ten per centum of household income
    53    Greater than $65,000 up to       Sixty-three per centum of remaining
    54    $70,000                          tax liability which is greater than
    55                                     ten per centum of household income
        A. 10600                            9

     1    Greater than $70,000 up to       Forty-eight per centum of remaining
     2    $75,000                          tax liability which is greater than ten
     3                                     per centum of household income
     4    Greater than $75,000 up to       Thirty-two per centum of remaining
     5    $80,000                          tax liability which is greater than ten
     6                                     per centum of household income
     7    Greater than $80,000 up to       Seventeen per centum of remaining tax
     8    $85,000                          liability which is greater than ten
     9                                     per centum of household income
    10    Greater than $85,000 up to       Two per centum of remaining tax
    11    $100,000                         liability which is greater than ten
    12                                     per centum of household income
    13    4.  (a)  Title to that portion of real property owned by a cooperative
    14  apartment corporation in which a tenant-stockholder of such  corporation
    15  resides,  and  which is represented by the tenant-stockholder's share or
    16  shares of stock in such  corporation  as  determined  by  its  or  their
    17  proportional  relationship  to the total outstanding stock of the corpo-
    18  ration, including that owned by the corporation, shall be deemed  to  be
    19  vested in such tenant-stockholder.
    20    (b) That proportion of the assessment of such real property owned by a
    21  cooperative apartment corporation determined by the relationship of such
    22  real  property  vested  in such tenant-stockholder to such entire parcel
    23  and the buildings thereon owned by  such  cooperative  apartment  corpo-
    24  ration  in which such tenant-stockholder resides shall be subject to the
    25  abatement pursuant to this section and any abatement so granted shall be
    26  credited by the appropriate taxing authority against the assessed  valu-
    27  ation  of such real property; the reduction in real property taxes real-
    28  ized thereby shall be credited by the cooperative apartment  corporation
    29  against  the  amount of such taxes otherwise payable by or chargeable to
    30  such tenant-stockholder.
    31    5. The commissioner may require an application for such  abatement  to
    32  be  made annually by the owner, or all of the owners of the property, on
    33  forms prescribed by  the  commissioner,  and  shall  be  filed  in  such
    34  assessor's office on or before the appropriate taxable status date.
    35    6. (a) The commissioner of finance shall initially, and annually ther-
    36  eafter, determine the eligibility of taxpayers for the abatement allowed
    37  by this section.
    38    (b)  At least sixty days prior to the appropriate taxable status date,
    39  the assessor shall mail to each person  who  was  granted  an  abatement
    40  pursuant  to  this  section  on  the latest completed assessment roll an
    41  application form and a notice that such application must be filed on  or
    42  before  the  taxable  status  date  and  be  approved  in  order for the
    43  exemption to continue to be granted.  Failure to mail  such  application
    44  form or the failure of such person to receive the same shall not prevent
    45  the  levy,  collection  and  enforcement  of the payment of the taxes on
    46  property owned by such person.
    47    § 2. This act shall take effect January 1, 2025  and  shall  apply  to
    48  assessment rolls produced on and after such date.

    49                                   PART D

    50    Section 1. Section 581 of the real property tax law is REPEALED.
    51    §  2.  Subparagraph  (ii) of paragraph (d) of subdivision 1 of section
    52  339-y of the real property law, as amended by chapter 223 of the laws of
    53  1989, is amended to read as follows:
        A. 10600                           10

     1    (ii) on and after January first,  nineteen  hundred  eighty-four,  the
     2  homestead  class  of  an  approved  assessing unit which has adopted the
     3  provisions of section [one thousand nine] nineteen hundred three of  the
     4  real  property tax law, or the homestead class of the portion outside an
     5  approved  assessing  unit of an eligible split school district which has
     6  adopted the provisions of section nineteen hundred three-a of  the  real
     7  property tax law; provided, however, that, in an approved assessing unit
     8  which  adopted  the  provisions  of section [one thousand nine] nineteen
     9  hundred three of the real property tax law prior to the  effective  date
    10  of  this  subdivision,  paragraph (b) of this subdivision shall apply to
    11  all such real property (i) which  is  classified  within  the  homestead
    12  class pursuant to paragraph one of subdivision (e) of section [one thou-
    13  sand  nine]  nineteen  hundred one of the real property tax law and (ii)
    14  which, regardless of classification, was on the assessment roll prior to
    15  the effective date of this subdivision unless the governing body of such
    16  approved assessing unit provides by local law  adopted  after  a  public
    17  hearing,  prior  to  the taxable status date of such assessing unit next
    18  occurring after December thirty-first,  nineteen  hundred  eighty-three,
    19  that  such  paragraph (b) shall not apply to such real property to which
    20  this clause applies. [Provided further, however, real  property  subject
    21  to  the  provisions  of  this subparagraph shall be assessed pursuant to
    22  subdivision two of section five hundred eighty-one of the real  property
    23  tax law.]
    24    § 3. Paragraph (b) of subdivision 1 of section 730 of the real proper-
    25  ty tax law, as amended by chapter 154 of the laws of 1993, is amended to
    26  read as follows:
    27    (b)  the  property  is:  (i)  improved  by  a one, two or three family
    28  owner-occupied structure used exclusively for residential purposes other
    29  than property subject to the assessment  limitations  of  [section  five
    30  hundred eighty-one of this chapter and] article nine-B of the real prop-
    31  erty  law  or  (ii)  the property is unimproved and is not of sufficient
    32  size as determined by the assessing unit or special  assessing  unit  to
    33  contain a one, two or three family residential structure;
    34    §  4. Paragraph (b) of subdivision 1 of section 1111 of the real prop-
    35  erty tax law, as added by chapter 532 of the laws of 1994, is amended to
    36  read as follows:
    37    (b) "Residential property" means property which is improved by a  one,
    38  two  or three family structure used exclusively for residential purposes
    39  other than property subject to the assessment  limitations  of  [section
    40  five  hundred eighty-one of this chapter and] article nine-B of the real
    41  property law. A parcel shall be deemed to be  residential  property  for
    42  purposes  of  this article if the applicable tax roll shows that (i) the
    43  assessor has assigned to the parcel a property  classification  code  in
    44  the  residential  category,  or (ii) the parcel has been included in the
    45  homestead class in an approved assessing unit, or  in  class  one  in  a
    46  special assessing unit.
    47    §  5. Paragraph (a) of subdivision 1 of section 1113 of the real prop-
    48  erty tax law, as added by chapter 516 of the laws of 2010, is amended to
    49  read as follows:
    50    (a) "Residential property" means property which is improved by a  one,
    51  two, or three family structure used exclusively for residential purposes
    52  other  than  property  subject to the assessment limitations of [section
    53  five hundred eighty-one of this chapter and] article nine-B of the  real
    54  property  law.  A  parcel shall be deemed to be residential property for
    55  purposes of this article if applicable  tax  roll  shows  that  (i)  the
    56  assessor  has  assigned  to the parcel a property classification code in
        A. 10600                           11

     1  the residential category, or (ii) the parcel has been  included  in  the
     2  homestead  class  in  an  approved  assessing unit, or in class one in a
     3  special assessing unit.
     4    § 6. This act shall take effect immediately.

     5                                   PART E

     6    Section 1. Section 467-a of the real property tax law is REPEALED.
     7    §  2. Subdivision (g) of section 11-2105 of the administrative code of
     8  the city of New York, as amended by section 10 of part LL of chapter 407
     9  of the laws of 1999, is amended to read as follows:
    10    (g) Every cooperative housing corporation shall be required to file an
    11  information return with the commissioner of  finance  as  follows:  such
    12  information  return shall be filed by February fifteenth of the year two
    13  thousand and of each year  thereafter,  covering  the  reporting  period
    14  beginning  on  January sixth of the year preceding the filing and ending
    15  on January fifth of the year of the filing. For reporting periods begin-
    16  ning before January sixth, nineteen hundred ninety-nine,  such  informa-
    17  tion  return  shall be filed by July fifteenth of each year covering the
    18  preceding period of January first through June thirtieth and by  January
    19  fifteenth  of  each  year  covering  the  preceding period of July first
    20  through December thirty-first provided, however, that for the  reporting
    21  period  from  January  first  through  June  thirtieth, nineteen hundred
    22  eighty-nine, such information return shall  be  filed  by  July  thirty-
    23  first,  nineteen  hundred  eighty-nine.  The  return  shall contain such
    24  information regarding the transfer of shares of stock in the cooperative
    25  housing corporation as the commissioner may  deem  necessary,  including
    26  but  not  limited  to,  the names, addresses and employer identification
    27  numbers or social security numbers of the grantor and the  grantee,  the
    28  number of shares transferred, the date of the transfer and the consider-
    29  ation  paid  for such transfer[, provided, however, that if such cooper-
    30  ative housing corporation elects that such information return be  deemed
    31  an application for an abatement pursuant to paragraph (f) of subdivision
    32  three  of  section  four  hundred sixty-seven-a of the real property tax
    33  law, such return shall contain  the  information  required  pursuant  to
    34  paragraph (d) of subdivision three of such section]. The commissioner of
    35  finance  may  enter  into an agreement with the commissioner of taxation
    36  and finance of the state of New York to provide that a  single  informa-
    37  tion return may be filed for purposes of the tax imposed by this chapter
    38  and  the  real  estate transfer tax imposed by article thirty-one of the
    39  tax law.
    40    § 3. This act shall take effect immediately.

    41                                   PART F

    42    Section 1. Section 11-201 of the administrative code of  the  city  of
    43  New York is amended to read as follows:
    44    §  11-201  Assessments  on  real  property;  general powers of finance
    45  department. The commissioner of finance shall be charged generally  with
    46  the  duty  and  responsibility of assessing all real property subject to
    47  taxation within the city. The  commissioner  shall  determine  the  fair
    48  market value of real property for the purpose of taxation.
    49    §  2.  The  real  property  tax law is amended by adding a new section
    50  305-b to read as follows:
    51    § 305-b. Determination of fair market value. In a city  with  a  popu-
    52  lation  of one million or more, the commissioner of finance of such city
        A. 10600                           12

     1  shall determine fair market value of real property in such city for  the
     2  purposes of real property taxation.
     3    § 3. This act shall take effect immediately.
     4    § 3. Severability clause. If any clause, sentence, paragraph, subdivi-
     5  sion, section or part of this act shall be adjudged by a court of compe-
     6  tent  jurisdiction to be invalid, such judgment shall not affect, impair
     7  or invalidate the remainder thereof, but shall be confined in its opera-
     8  tion to the clause, sentence, paragraph, subdivision,  section  or  part
     9  thereof  directly  involved  in  the  controversy in which such judgment
    10  shall have been rendered. It is hereby declared to be the intent of  the
    11  legislature  that  this act would have been enacted even if such invalid
    12  provisions had not been included herein.
    13    § 4. This act shall take effect immediately  provided,  however,  that
    14  the  applicable effective date of Parts A through F of this act shall be
    15  as specifically set forth in the last section of such Parts.