Bill Text: NY S03181 | 2015-2016 | General Assembly | Amended

New York Senate Bill 3181 (Prior Session Legislation)

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-01-25 - PRINT NUMBER 3181A [S03181 Detail]

Download: New_York-2015-S03181-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                         3181--A
                               2015-2016 Regular Sessions
                    IN SENATE
                                    February 3, 2015
                                       ___________
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Housing, Construction  and
          Community  Development  --  recommitted  to  the Committee on Housing,
          Construction and Community Development 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 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:
     1    Section  1. The administrative code of the city of New York is amended
     2  by adding a new section 11-240.2 to read as follows:
     3    §  11-240.2  Assessments  following  tax  certiorari  settlement.  The
     4  assessed  value of real property owned or leased by a cooperative corpo-
     5  ration or on a condominium basis shall increase by no  more  than  three
     6  percent  in  the  two  years  following the resolution of tax certiorari
     7  proceedings on such property.
     8    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02319-02-6