Bill S1866-2013

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.

Details

Actions

  • Jan 8, 2014: REFERRED TO CITIES
  • Jan 9, 2013: REFERRED TO CITIES

Memo

BILL NUMBER:S1866

TITLE OF BILL: 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

PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to provide that the assessed values of cooperative units and condominiums shall not increase by no more than three percent in the two years following resolution of tax certiorari proceedings.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 will add section 11-240 to administrative code of the city of New York. This would require that the assessed value of real property owned or leased by a cooperative corporation or condominium basis shall increase by no more than three percent in the two years following the resolution of tax certiorari proceedings on such property.

Section 2 contains the effective date.

JUSTIFICATION: Every year, the New York City Department of Finance reaches settlements with co-op and condominium boards to reduce initial property tax assessments. Co-ops and condominiums incur large legal expenses representing themselves in tax certiorari proceedings. Capping tax assessment increases at 3% in the two years following a settlement would prevent co-op and condominium boards from bearing the financial burden of these proceedings in consecutive years.

PRIOR LEGISLATIVE HISTORY: 2011-2012: S.6572

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 1866 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 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.

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