Bill A7366-2011

Relates to limiting the increase in real property tax assessments on residential cooperatives and condominiums

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

Details

Actions

  • Jan 4, 2012: referred to real property taxation
  • May 3, 2011: referred to real property taxation

Text

STATE OF NEW YORK ________________________________________________________________________ 7366 2011-2012 Regular Sessions IN ASSEMBLY May 3, 2011 ___________
Introduced by M. of A. BRAUNSTEIN -- read once and referred to the Committee on Real Property Taxation 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: Section 1. Section 1805 of the real property tax law is amended by adding a new subdivision 7 to read as follows: 7. ANY INCREASE IN THE REAL PROPERTY TAX LIABILITY OF ANY REAL PROPER- TY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS RESULTING FROM A REVALUATION, REASSESSMENT OR UPDATE, AS DEFINED PURSUANT TO SUBDIVISION TWELVE-A OF SECTION ONE HUNDRED TWO OF THIS CHAPTER, SHALL BE LIMITED TO SIX PERCENT OF THE REAL PROPERTY TAX LIABILITY OF SUCH PROPERTY ESTABLISHED BY THE ASSESSMENT ROLL PREPARED ON THE BASIS OF THE TAXABLE STATUS DATE OCCURRING IMMEDIATELY PRIOR TO SUCH REVALUATION, REASSESSMENT OR UPDATE. S 2. This act shall take effect immediately and shall expire and be deemed repealed one year after such date.

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Discuss!

blog comments powered by Disqus