Bill Text: NY S05468 | 2015-2016 | General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in New York City.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 0000-00-00 - [S05468 Detail]
Download: New_York-2015-S05468-Amended.html
Bill Title: Relates to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in New York City.
Spectrum: Slight Partisan Bill (Democrat 3-1)
Status: (Introduced - Dead) 0000-00-00 - [S05468 Detail]
Download: New_York-2015-S05468-Amended.html
S T A T E O F N E W Y O R K ________________________________________________________________________ 5468--A 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities -- 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. Paragraphs (a) and (b) of subdivision 2 of section 467-a of 2 the real property tax law, as amended by chapter 4 of the laws of 2013, 3 are amended to read as follows: 4 (a) In a city having a population of one million or more, dwelling 5 units owned by unit owners who, as of the applicable taxable status 6 date, own no more than three dwelling units in any one property held in 7 the condominium form of ownership, shall be eligible to receive a 8 partial abatement of real property taxes, as set forth in paragraphs 9 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 10 sion; provided, however, that a property held in the condominium form of 11 ownership that is receiving complete or partial real property tax 12 exemption or tax abatement pursuant to any other provision of this chap- 13 ter or any other state or local law, except as provided in paragraph (f) 14 of this subdivision, shall not be eligible to receive a partial abate- 15 ment pursuant to this section; and provided, further, that sponsors 16 shall not be eligible to receive a partial abatement pursuant to this 17 section; and provided, further, that in the fiscal [year] YEARS commenc- 18 ing in calendar years two thousand twelve, two thousand thirteen, [or] 19 two thousand fourteen, TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN OR TWO 20 THOUSAND SEVENTEEN no more than a maximum of three dwelling units owned 21 by any unit owner in a single building, one of which must be the primary EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10965-03-5 S. 5468--A 2 1 residence of such unit owner, shall be eligible to receive a partial 2 abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) of this 3 [section] SUBDIVISION. 4 (b) In a city having a population of one million or more, dwelling 5 units owned by tenant-stockholders who, as of the applicable taxable 6 status date, own no more than three dwelling units in any one property 7 held in the cooperative form of ownership, shall be eligible to receive 8 a partial abatement of real property taxes, as set forth in paragraphs 9 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 10 sion; provided, however, that a property held in the cooperative form of 11 ownership that is receiving complete or partial real property tax 12 exemption or tax abatement pursuant to any other provision of this chap- 13 ter or any other state or local law, except as provided in paragraph (f) 14 of this subdivision, shall not be eligible to receive a partial abate- 15 ment pursuant to this section; and provided, further, that sponsors 16 shall not be eligible to receive a partial abatement pursuant to this 17 section; and provided, further, that in the fiscal [year] YEARS commenc- 18 ing in calendar years two thousand twelve, two thousand thirteen [or], 19 two thousand fourteen, TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN OR TWO 20 THOUSAND SEVENTEEN no more than a maximum of three dwelling units owned 21 by any tenant-stockholder in a single building, one of which must be the 22 primary residence of such tenant-stockholder, shall be eligible to 23 receive a partial abatement pursuant to paragraphs (d-1), (d-2), (d-3) 24 and (d-4) of this [section] SUBDIVISION. For purposes of this section, 25 a tenant-stockholder of a cooperative apartment corporation shall be 26 deemed to own the dwelling unit which is represented by his or her 27 shares of stock in such corporation. Any abatement so granted shall be 28 credited by the appropriate taxing authority against the tax due on the 29 property as a whole. The reduction in real property taxes received 30 thereby shall be credited by the cooperative apartment corporation 31 against the amount of such taxes attributable to eligible dwelling units 32 at the time of receipt. 33 S 2. Paragraphs (d-1), (d-2), (d-3) and (d-4) of subdivision 2 of 34 section 467-a of the real property tax law, as added by chapter 4 of the 35 laws of 2013, are amended to read as follows: 36 (d-1) In the fiscal years commencing in calendar [year] YEARS two 37 thousand twelve, two thousand thirteen and two thousand fourteen, eligi- 38 ble dwelling units in property whose average unit assessed value is less 39 than or equal to fifty thousand dollars shall receive a partial abate- 40 ment of the real property taxes attributable to or due on such dwelling 41 units of twenty-five percent, twenty-six and one-half percent and twen- 42 ty-eight and one-tenth percent respectively. IN THE FISCAL YEARS 43 COMMENCING IN CALENDAR YEARS TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN 44 AND TWO THOUSAND SEVENTEEN, ELIGIBLE DWELLING UNITS IN PROPERTY WHOSE 45 AVERAGE UNIT ASSESSED VALUE IS LESS THAN OR EQUAL TO FIFTY THOUSAND 46 DOLLARS SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY TAXES 47 ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY-EIGHT AND 48 ONE-TENTH PERCENT. 49 (d-2) In the fiscal years commencing in calendar [year] YEARS two 50 thousand twelve, two thousand thirteen and two thousand fourteen, eligi- 51 ble dwelling units in property whose average unit assessed value is more 52 than fifty thousand dollars, but less than or equal to fifty-five thou- 53 sand dollars, shall receive a partial abatement of the real property 54 taxes attributable to or due on such dwelling units of twenty-two and 55 one-half percent, twenty-three and eight-tenths percent and twenty-five 56 and two-tenths percent respectively. IN THE FISCAL YEARS COMMENCING IN S. 5468--A 3 1 CALENDAR YEARS TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN AND TWO THOU- 2 SAND SEVENTEEN, ELIGIBLE DWELLING UNITS IN PROPERTY WHOSE AVERAGE UNIT 3 ASSESSED VALUE IS MORE THAN FIFTY THOUSAND DOLLARS, BUT LESS THAN OR 4 EQUAL TO FIFTY-FIVE THOUSAND DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT 5 OF THE REAL PROPERTY TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS 6 OF TWENTY-FIVE AND TWO-TENTHS PERCENT. 7 (d-3) In the fiscal years commencing in calendar [year] YEARS two 8 thousand twelve, two thousand thirteen and two thousand fourteen, eligi- 9 ble dwelling units in property whose average unit assessed value is more 10 than fifty-five thousand dollars, but less than or equal to sixty thou- 11 sand dollars, shall receive a partial abatement of the real property 12 taxes attributable to or due on such dwelling units of twenty percent, 13 twenty-one and two-tenths percent, and twenty-two and five-tenths 14 percent respectively. IN THE FISCAL YEARS COMMENCING IN CALENDAR YEARS 15 TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN AND TWO THOUSAND SEVENTEEN, 16 ELIGIBLE DWELLING UNITS IN PROPERTY WHOSE AVERAGE UNIT ASSESSED VALUE IS 17 MORE THAN FIFTY-FIVE THOUSAND DOLLARS, BUT LESS THAN OR EQUAL TO SIXTY 18 THOUSAND DOLLARS, SHALL RECEIVE A PARTIAL ABATEMENT OF THE REAL PROPERTY 19 TAXES ATTRIBUTABLE TO OR DUE ON SUCH DWELLING UNITS OF TWENTY-TWO AND 20 FIVE-TENTHS PERCENT. 21 (d-4) In the fiscal years commencing in calendar [year] YEARS two 22 thousand twelve, two thousand thirteen [and], two thousand fourteen, TWO 23 THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN AND TWO THOUSAND SEVENTEEN, 24 eligible dwelling units in property whose average unit assessed value is 25 more than sixty thousand dollars shall receive a partial abatement of 26 the real property taxes attributable to or due on such dwelling units of 27 seventeen and one-half percent. 28 S 3. Paragraphs (a), (b) and (c) of subdivision 3 of section 467-a of 29 the real property tax law, as amended by chapter 4 of the laws of 2013, 30 are amended to read as follows: 31 (a) An application for an abatement pursuant to this section for the 32 fiscal year commencing in calendar year nineteen hundred ninety-six 33 shall be made no later than the fifteenth day of September, nineteen 34 hundred ninety-six. An application for an abatement pursuant to this 35 section for the fiscal year commencing in calendar year nineteen hundred 36 ninety-seven shall be made no later than the first day of April, nine- 37 teen hundred ninety-seven. An application for an abatement pursuant to 38 this section for the fiscal year commencing in calendar year nineteen 39 hundred ninety-eight shall be made no later than the first day of April, 40 nineteen hundred ninety-eight. An application for an abatement pursuant 41 to this section for the fiscal year commencing in calendar year nineteen 42 hundred ninety-nine shall be made in accordance with this subdivision 43 and subdivision three-a of this section. An application for an abatement 44 pursuant to this section for the fiscal year commencing in calendar year 45 two thousand shall be made no later than the fifteenth day of February, 46 two thousand. An application for an abatement pursuant to this section 47 for the fiscal year commencing in calendar year two thousand one shall 48 be made in accordance with this subdivision and subdivision three-b of 49 this section. An application for an abatement pursuant to this section 50 for the fiscal year commencing in calendar year two thousand two shall 51 be made no later than the fifteenth day of February, two thousand two. 52 An application for an abatement pursuant to this section for the fiscal 53 year commencing in calendar year two thousand three shall be made no 54 later than the fifteenth day of February, two thousand three. An appli- 55 cation for an abatement pursuant to this section for the fiscal year 56 commencing in calendar year two thousand four shall be made in accord- S. 5468--A 4 1 ance with this subdivision and subdivision three-c of this section. An 2 application for an abatement pursuant to this section for the fiscal 3 year commencing in calendar year two thousand five shall be made no 4 later than the fifteenth day of February, two thousand five. An applica- 5 tion for an abatement pursuant to this section for the fiscal year 6 commencing in calendar year two thousand six shall be made no later than 7 the fifteenth day of February, two thousand six. An application for an 8 abatement pursuant to this section for the fiscal year commencing in 9 calendar year two thousand seven shall be made no later than the 10 fifteenth day of February, two thousand seven. An application for abate- 11 ment pursuant to this section for the fiscal year commencing in calendar 12 year two thousand eight shall be made in accordance with this subdivi- 13 sion and subdivision three-d of this section. An application for an 14 abatement pursuant to this section for the fiscal year commencing in 15 calendar year two thousand nine shall be made no later than the 16 fifteenth day of February, two thousand nine. An application for an 17 abatement pursuant to this section for the fiscal year commencing in 18 calendar year two thousand ten shall be made no later than the fifteenth 19 day of February, two thousand ten. An application for an abatement 20 pursuant to this section for the fiscal year commencing in calendar year 21 two thousand eleven shall be made no later than the fifteenth day of 22 February, two thousand eleven. An application for an abatement pursuant 23 to this section for the fiscal years commencing in calendar years two 24 thousand twelve and two thousand thirteen shall be made in accordance 25 with subdivision three-e of this section. The date or dates by which 26 applications for an abatement pursuant to this section shall be made for 27 the fiscal year beginning in calendar year two thousand fourteen shall 28 be established by the commissioner of finance by rule, provided that 29 such date or dates shall not be later than the fifteenth day of February 30 for such calendar year. APPLICATIONS FOR AN ABATEMENT PURSUANT TO THIS 31 SECTION FOR THE FISCAL YEARS COMMENCING IN CALENDAR YEARS TWO THOUSAND 32 FIFTEEN, TWO THOUSAND SIXTEEN AND TWO THOUSAND SEVENTEEN SHALL BE MADE 33 NO LATER THAN THE FIFTEENTH DAY OF MARCH FOR EACH RESPECTIVE CALENDAR 34 YEAR. 35 (b) (I) An application for an abatement pursuant to this section shall 36 be submitted to the commissioner of finance by the board of managers of 37 a condominium or the board of directors of a cooperative apartment 38 corporation, provided that the commissioner of finance may by rule 39 require the owner of a dwelling unit to submit an application to supple- 40 ment information contained in the application submitted by the board of 41 managers of a condominium or the board of directors of a cooperative 42 apartment corporation and may by rule apply and adjust, as appropriate, 43 any provisions of this section that relate to applications submitted by 44 such boards to applications submitted by such owners. 45 (II) NOTWITHSTANDING SUBPARAGRAPH (I) OF THIS PARAGRAPH OR ANY OTHER 46 PROVISION OF LAW TO THE CONTRARY, THE COMMISSIONER OF FINANCE MAY BY 47 RULE REQUIRE THAT APPLICATIONS BE SUBMITTED BY DWELLING UNIT OWNERS 48 INSTEAD OF, OR IN ADDITION TO, THOSE SUBMITTED BY THE BOARD OF MANAGERS 49 OF A CONDOMINIUM OR THE BOARD OF DIRECTORS OF A COOPERATIVE APARTMENT 50 CORPORATION FOR APPLICATIONS FOR FISCAL YEARS COMMENCING IN CALENDAR 51 YEAR TWO THOUSAND FIFTEEN OR LATER. 52 (c) (I) No abatement pursuant to this section shall be granted unless 53 the applicant files an application for an abatement within the time 54 periods prescribed in paragraph (a) of this subdivision or subdivision 55 three-a, three-b, three-c, three-d or three-e of this section, provided, S. 5468--A 5 1 however, that the commissioner of finance may, for good cause shown, 2 extend the time for filing an application. 3 (II) NOTWITHSTANDING SUBPARAGRAPH (I) OF THIS PARAGRAPH OR ANY OTHER 4 PROVISION OF LAW TO THE CONTRARY, THE COMMISSIONER OF FINANCE MAY 5 PROVIDE BY RULE THAT APPLICATIONS ARE NOT REQUIRED TO BE FILED ON AN 6 ANNUAL BASIS. 7 S 4. This act shall take effect immediately.