Bill Text: NY S04790 | 2011-2012 | General Assembly | Amended

---

Bill Title: Relates to limiting the increase in real property tax assessments on residential cooperatives and condominiums to 6% over the previous liability.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2012-01-04 - REFERRED TO LOCAL GOVERNMENT [S04790 Detail]

Download: New_York-2011-S04790-Amended.html

---

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                        4790--A
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    April 25, 2011
                                      ___________
       Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
         printed to be committed  to  the  Committee  on  Local  Government  --
         committee  discharged,  bill amended, ordered reprinted as amended and
         recommitted to said committee
       AN ACT to amend the real property tax law, in relation to  limiting  the
         increase  in real property tax assessments on residential cooperatives
         and condominiums; and providing for the repeal of such provisions upon
         expiration thereof
         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. ANY INCREASE IN THE REAL PROPERTY TAX LIABILITY OF ANY REAL PROPER-
    4  TY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  OR  ON  A  CONDOMINIUM
    5  BASIS  RESULTING  FROM A REVALUATION, REASSESSMENT OR UPDATE, AS DEFINED
    6  PURSUANT TO SUBDIVISION TWELVE-A OF SECTION  ONE  HUNDRED  TWO  OF  THIS
    7  CHAPTER,  SHALL  BE  LIMITED  TO  SIX  PERCENT  OF THE REAL PROPERTY TAX
    8  LIABILITY OF SUCH PROPERTY ESTABLISHED BY THE ASSESSMENT  ROLL  PREPARED
    9  ON  THE  BASIS OF THE TAXABLE STATUS DATE OCCURRING IMMEDIATELY PRIOR TO
   10  SUCH REVALUATION, REASSESSMENT OR UPDATE.
   11    S 2. This act shall take effect immediately and shall  expire  and  be
   12  deemed repealed one year after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD10959-02-1