Bill Text: NY S04139 | 2021-2022 | General Assembly | Introduced


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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S04139 Detail]

Download: New_York-2021-S04139-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                          4139

                               2021-2022 Regular Sessions

                    IN SENATE

                                    February 2, 2021
                                       ___________

        Introduced by Sens. STAVISKY, LIU -- read twice and ordered printed, and
          when printed to be committed to the Committee on Local Government

        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
    24  increased during a period for which  transition  assessments  have  been

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

        S. 4139                             2

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