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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deemed repealed one year after such date.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