Relates to limiting the increase in real property tax assessments on residential cooperatives and condominiums to 6% over the previous liability.
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 This act shall take effect immediately and shall expire and be deemed repealed one year after such date.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10959-03-1