A9466-2011 - NY Senate Open Legislation - 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

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.

Sponsor: Braunstein / Multi-sponsor(s): Markey, Simotas / Co-sponsor(s): Castro, Meng, Dinowitz, Weprin, Goldfeder
Law Section: New York City Administrative Code / Law: Add S11-240, NYC Ad Cd

A9466-2011 Actions

Mar 5, 2012: referred to housing

A9466-2011 Text

 S T A T E   O F   N E W   Y O R K
 
                                          9466
 I N  ASSEMBLY
 March 5, 2012
 
 Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
 Committee on Housing
 

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:

 

Section  1. The administrative code of the city of New York is amended
 by adding a new section 11-240 to read as follows:

 

S 11-240 ASSESSMENTS FOLLOWING TAX CERTIORARI SETTLEMENT. THE ASSESSED
 VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  OR
 ON  A  CONDOMINIUM BASIS SHALL INCREASE BY NO MORE THAN THREE PERCENT IN
 THE TWO YEARS FOLLOWING THE RESOLUTION OF TAX CERTIORARI PROCEEDINGS  ON
 SUCH PROPERTY.
 

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

A9466-2011: 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

A9466-2011 Actions

A9466-2011 Text

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