S133-2011 Actions

• Jan 11, 2012: PRINT NUMBER 133A
• Jan 11, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• Jan 4, 2012: REFERRED TO LOCAL GOVERNMENT
• Jan 5, 2011: REFERRED TO LOCAL GOVERNMENT

S133-2011 Memo

BILL NUMBER:S133

TITLE OF BILL:
An act
to amend the real property tax law and the real property law, in
relation to the assessment of condominiums and cooperatives

PURPOSE:
To allow a municipal corporations to pass a
local law or
resolution that would make the provisions of paragraph (a) of
subdivision 581 of the real property tax law not apply to real
property, owned or leased by a cooperative corporation or on a
condominium basis, that is converted or constructed on and after
January 1, 2013.

SUMMARY OF PROVISIONS:
Section 1 adds paragraph (d)
to section 581 of
the real property tax law, allowing municipal corporations to remove
the limitations in that section on assessments on condominiums and
cooperatives converted or constructed on and after January 1,2013 in
any municipal corporation, other than New York City and Nassau County.

Section 2 adds paragraph (g) to section 399-y of the real property law
allowing municipal corporations to remove the limitations ill that
section on assessments on condominiums and cooperatives converted or
constructed on and after January 1, 2013 in any municipal corporation,
other than New York City and Nassau County.

JUSTIFICATION:
As currently written, the real property tax law and
real property law does not allow the sum of the assessments of
individual cooperative or condominium units to exceed the value of
the entire complex if it was valued as a single entity. The
restriction tends to reduce condominium and cooperative assessments
by preventing the use of sales of units in the assessment process.
The Office of Real Property Services, assessors and other local
officials generally consider the restrictions an unreasonable state
mandate which unfairly limits the revenue-raising abilities of local
governments. Assessors and appraisers also Cite the difficulties they
encounter when they are forced to ignore market information--usually
the best indicator of value--in developing estimates of taxable
value. This bill would allow municipal corporations to value newly
constructed and converted cooperative and condominium units as they
would other real property to alleviate any negative impacts placed on
the locality by the current statute.

LEGISLATIVE HISTORY:
2009/10: S.255 Referred to Local Government; A.5124 Held for
consideration in Ways & Means
2008: S.7727 3rd Reading: A.10730 Ways & Means

FISCAL IMPLICATIONS:
None.


EFFECTIVE DATE:
This act shall take effect immediately and shall apply
to assessment rolls prepared on the basis of taxable status dates
occurring on or after January 1, 2013.

S133-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                          133
 2011-2012 Regular Sessions
 I N  SENATE
 (PREFILED)
 January 5, 2011
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government
 

AN ACT to amend the real property tax law and the real property law,  in
 relation to the assessment of condominiums and cooperatives
 

THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM
 BLY, DO ENACT AS FOLLOWS:

 

Section 1. Subdivision 1 of section 581 of the real property  tax  law
 is amended by adding a new paragraph (d) to read as follows:

 (D)  THE  PROVISIONS  OF  PARAGRAPH  (A) OF THIS SUBDIVISION SHALL NOT
 APPLY IN A MUNICIPAL CORPORATION, OTHER THAN A SPECIAL  ASSESSING  UNIT,
 TO  A  CONDOMINIUM  OR  COOPERATIVE  UNIT  UNLESS  IT WAS SUBJECT TO THE
 PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION ON  JANUARY  FIRST,  TWO
 THOUSAND THIRTEEN.
 

S  2.  Subdivision  1  of  section  339-y  of the real property law is
 amended by adding a new paragraph (g) to read as follows:

 (G) THE PROVISIONS OF PARAGRAPH (B)  OF  THIS  SUBDIVISION  SHALL  NOT
 APPLY  IN  A MUNICIPAL CORPORATION, OTHER THAN A SPECIAL ASSESSING UNIT,
 TO A CONDOMINIUM UNIT UNLESS IT WAS SUBJECT TO THE PROVISIONS  OF  PARA
 GRAPH (B) OF THIS SUBDIVISION ON JANUARY FIRST, TWO THOUSAND THIRTEEN.
 

S 3. This act shall take effect immediately and shall apply to assess
 ment rolls prepared on the basis of taxable status dates occurring on or
 after January 1, 2013.
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00146-01-1

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

Discuss!