Bill Text: NY S06572 | 2011-2012 | General Assembly | Introduced

New York Senate Bill 6572 (Prior Session Legislation)

Introduced

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) 2012-02-29 - REFERRED TO CITIES [S06572 Detail]

Download: New_York-2011-S06572-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         6572
                                   I N  S E N A T E
                                   February 29, 2012
                                      ___________
       Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Cities
       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 to read as follows:
    3    S 11-240 ASSESSMENTS FOLLOWING TAX CERTIORARI SETTLEMENT. THE ASSESSED
    4  VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  OR
    5  ON  A  CONDOMINIUM BASIS SHALL INCREASE BY NO MORE THAN THREE PERCENT IN
    6  THE TWO YEARS FOLLOWING THE RESOLUTION OF TAX CERTIORARI PROCEEDINGS  ON
    7  SUCH PROPERTY.
    8    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14804-01-2