Bill Text: NY S05267 | 2019-2020 | General Assembly | Amended
Bill Title: Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater and instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the 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) 2020-08-07 - PRINT NUMBER 5267A [S05267 Detail]
Download: New_York-2019-S05267-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 5267--A 2019-2020 Regular Sessions IN SENATE April 22, 2019 ___________ Introduced by Sens. KAVANAGH, SALAZAR -- read twice and ordered printed, and when printed to be committed to the Committee on Cities -- recom- mitted to the Committee on Cities 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 real property tax law, in relation to 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. Subdivision 2 of section 467-a of the real property tax law 2 is amended by adding a new paragraph (b-2) to read as follows: 3 (b-2) Notwithstanding any other provision of law to the contrary for 4 fiscal years commencing in calendar years 2020 and after, the provisions 5 of this section shall not apply to any dwelling unit for which the bill- 6 able assessed value is two hundred thousand dollars or greater. 7 § 2. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the 8 real property tax law, as amended by chapter 90 of the laws of 2019, are 9 amended to read as follows: 10 (a) In a city having a population of one million or more, dwelling 11 units owned by unit owners who, as of the applicable taxable status 12 date, own no more than three dwelling units in any one property held in 13 the condominium form of ownership, shall be eligible to receive a 14 partial abatement of real property taxes, as set forth in paragraphs 15 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 16 sion; provided, however, that a property held in the condominium form of 17 ownership that is receiving complete or partial real property tax 18 exemption or tax abatement pursuant to any other provision of this chap- 19 ter or any other state or local law, except as provided in paragraph (f) 20 of this subdivision, shall not be eligible to receive a partial abate- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10319-07-0S. 5267--A 2 1 ment pursuant to this section; and provided, further, that sponsors 2 shall not be eligible to receive a partial abatement pursuant to this 3 section; and provided, further, that in the fiscal years commencing in 4 calendar years two thousand twelve through two thousand [twenty] twen- 5 ty-one no more than a maximum of three dwelling units owned by any unit 6 owner in a single building, one of which must be the primary residence 7 of such unit owner, shall be eligible to receive a partial abatement 8 pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) of this subdivi- 9 sion. 10 (b) In a city having a population of one million or more, dwelling 11 units owned by tenant-stockholders who, as of the applicable taxable 12 status date, own no more than three dwelling units in any one property 13 held in the cooperative form of ownership, shall be eligible to receive 14 a partial abatement of real property taxes, as set forth in paragraphs 15 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 16 sion; provided, however, that a property held in the cooperative form of 17 ownership that is receiving complete or partial real property tax 18 exemption or tax abatement pursuant to any other provision of this chap- 19 ter or any other state or local law, except as provided in paragraph (f) 20 of this subdivision, shall not be eligible to receive a partial abate- 21 ment pursuant to this section; and provided, further, that sponsors 22 shall not be eligible to receive a partial abatement pursuant to this 23 section; and provided, further, that in the fiscal years commencing in 24 calendar years two thousand twelve through two thousand [twenty] twen- 25 ty-one no more than a maximum of three dwelling units owned by any 26 tenant-stockholder in a single building, one of which must be the prima- 27 ry residence of such tenant-stockholder, shall be eligible to receive a 28 partial abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) 29 of this subdivision. For purposes of this section, a tenant-stockholder 30 of a cooperative apartment corporation shall be deemed to own the dwell- 31 ing unit which is represented by his or her shares of stock in such 32 corporation. Any abatement so granted shall be credited by the appropri- 33 ate taxing authority against the tax due on the property as a whole. The 34 reduction in real property taxes received thereby shall be credited by 35 the cooperative apartment corporation against the amount of such taxes 36 attributable to eligible dwelling units at the time of receipt. 37 § 3. Paragraphs (d-1), (d-2), (d-3) and (d-4) of subdivision 2 of 38 section 467-a of the real property tax law, as amended by chapter 90 of 39 the laws of 2019, are amended to read as follows: 40 (d-1) In the fiscal years commencing in calendar years two thousand 41 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 42 ing units in property whose average unit assessed value is less than or 43 equal to fifty thousand dollars shall receive a partial abatement of the 44 real property taxes attributable to or due on such dwelling units of 45 twenty-five percent, twenty-six and one-half percent and twenty-eight 46 and one-tenth percent respectively. In the fiscal years commencing in 47 calendar years two thousand fifteen through two thousand [twenty] twen- 48 ty-one eligible dwelling units in property whose average unit assessed 49 value is less than or equal to fifty thousand dollars shall receive a 50 partial abatement of the real property taxes attributable to or due on 51 such dwelling units of twenty-eight and one-tenth percent. 52 (d-2) In the fiscal years commencing in calendar years two thousand 53 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 54 ing units in property whose average unit assessed value is more than 55 fifty thousand dollars, but less than or equal to fifty-five thousand 56 dollars, shall receive a partial abatement of the real property taxesS. 5267--A 3 1 attributable to or due on such dwelling units of twenty-two and one-half 2 percent, twenty-three and eight-tenths percent and twenty-five and two- 3 tenths percent respectively. In the fiscal years commencing in calendar 4 years two thousand fifteen through two thousand [twenty] twenty-one 5 eligible dwelling units in property whose average unit assessed value is 6 more than fifty thousand dollars, but less than or equal to fifty-five 7 thousand dollars, shall receive a partial abatement of the real property 8 taxes attributable to or due on such dwelling units of twenty-five and 9 two-tenths percent. 10 (d-3) In the fiscal years commencing in calendar years two thousand 11 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 12 ing units in property whose average unit assessed value is more than 13 fifty-five thousand dollars, but less than or equal to sixty thousand 14 dollars, shall receive a partial abatement of the real property taxes 15 attributable to or due on such dwelling units of twenty percent, twen- 16 ty-one and two-tenths percent, and twenty-two and five-tenths percent 17 respectively. In the fiscal years commencing in calendar years two thou- 18 sand fifteen through two thousand [twenty] twenty-one eligible dwelling 19 units in property whose average unit assessed value is more than fifty- 20 five thousand dollars, but less than or equal to sixty thousand dollars, 21 shall receive a partial abatement of the real property taxes attribut- 22 able to or due on such dwelling units of twenty-two and five-tenths 23 percent. 24 (d-4) In the fiscal years commencing in calendar years two thousand 25 twelve through two thousand [twenty] twenty-one, eligible dwelling units 26 in property whose average unit assessed value is more than sixty thou- 27 sand dollars shall receive a partial abatement of the real property 28 taxes attributable to or due on such dwelling units of seventeen and 29 one-half percent. 30 § 4. Paragraph (a) of subdivision 3 of section 467-a of the real prop- 31 erty tax law, as amended by chapter 90 of the laws of 2019, is amended 32 to read as follows: 33 (a) An application for an abatement pursuant to this section for the 34 fiscal year commencing in calendar year nineteen hundred ninety-six 35 shall be made no later than the fifteenth day of September, nineteen 36 hundred ninety-six. An application for an abatement pursuant to this 37 section for the fiscal year commencing in calendar year nineteen hundred 38 ninety-seven shall be made no later than the first day of April, nine- 39 teen hundred ninety-seven. An application for an abatement pursuant to 40 this section for the fiscal year commencing in calendar year nineteen 41 hundred ninety-eight shall be made no later than the first day of April, 42 nineteen hundred ninety-eight. An application for an abatement pursuant 43 to this section for the fiscal year commencing in calendar year nineteen 44 hundred ninety-nine shall be made in accordance with this subdivision 45 and subdivision three-a of this section. An application for an abatement 46 pursuant to this section for the fiscal year commencing in calendar year 47 two thousand shall be made no later than the fifteenth day of February, 48 two thousand. An application for an abatement pursuant to this section 49 for the fiscal year commencing in calendar year two thousand one shall 50 be made in accordance with this subdivision and subdivision three-b of 51 this section. An application for an abatement pursuant to this section 52 for the fiscal year commencing in calendar year two thousand two shall 53 be made no later than the fifteenth day of February, two thousand two. 54 An application for an abatement pursuant to this section for the fiscal 55 year commencing in calendar year two thousand three shall be made no 56 later than the fifteenth day of February, two thousand three. An appli-S. 5267--A 4 1 cation for an abatement pursuant to this section for the fiscal year 2 commencing in calendar year two thousand four shall be made in accord- 3 ance with this subdivision and subdivision three-c of this section. An 4 application for an abatement pursuant to this section for the fiscal 5 year commencing in calendar year two thousand five shall be made no 6 later than the fifteenth day of February, two thousand five. An applica- 7 tion for an abatement pursuant to this section for the fiscal year 8 commencing in calendar year two thousand six shall be made no later than 9 the fifteenth day of February, two thousand six. An application for an 10 abatement pursuant to this section for the fiscal year commencing in 11 calendar year two thousand seven shall be made no later than the 12 fifteenth day of February, two thousand seven. An application for abate- 13 ment pursuant to this section for the fiscal year commencing in calendar 14 year two thousand eight shall be made in accordance with this subdivi- 15 sion and subdivision three-d of this section. An application for an 16 abatement pursuant to this section for the fiscal year commencing in 17 calendar year two thousand nine shall be made no later than the 18 fifteenth day of February, two thousand nine. An application for an 19 abatement pursuant to this section for the fiscal year commencing in 20 calendar year two thousand ten shall be made no later than the fifteenth 21 day of February, two thousand ten. An application for an abatement 22 pursuant to this section for the fiscal year commencing in calendar year 23 two thousand eleven shall be made no later than the fifteenth day of 24 February, two thousand eleven. An application for an abatement pursuant 25 to this section for the fiscal years commencing in calendar years two 26 thousand twelve and two thousand thirteen shall be made in accordance 27 with subdivision three-e of this section. The date or dates by which 28 applications for an abatement pursuant to this section shall be made for 29 the fiscal years beginning in calendar years two thousand fourteen 30 through two thousand [twenty] twenty-one shall be established by the 31 commissioner of finance by rule, provided that such date or dates shall 32 not be later than the fifteenth day of February for such calendar years. 33 § 5. For fiscal years commencing in calendar years 2020 and after, the 34 New York city department of finance shall reallocate the monies used to 35 provide the partial tax abatement for residential real property held in 36 the cooperative or condominium form of ownership for dwelling units 37 whose billable assessed value is two hundred thousand dollars or great- 38 er, which are now ineligible for such tax abatement pursuant to section 39 one of this act, to be deposited in a special account in the name of the 40 New York city housing authority. Payment from such account shall be on 41 the authorization of the commissioner of the department of housing pres- 42 ervation and development. 43 § 6. This act shall take effect immediately.
