S546-2011 Actions

• Jan 11, 2012: PRINT NUMBER 546A
• Jan 11, 2012: AMEND AND RECOMMIT TO LOCAL GOVERNMENT
• Jan 4, 2012: REFERRED TO LOCAL GOVERNMENT
• Jan 5, 2011: REFERRED TO LOCAL GOVERNMENT

S546-2011 Memo

BILL NUMBER:S546

TITLE OF BILL:
An act
to amend the real property tax law and the real property law, in
relation to the taxation of property owned by a cooperative corporation

PURPOSE:
To allow a municipal corporation 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 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 all municipal corporations, except 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 in that
section on assessments on condominiums and cooperative converted or
constructed on and after January 1, 2013 in any municipal
corporations except New York City and Nassau County.

Section 3- Effective date.

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.5724 Ways & Means
2008:    S.7727 3rd Reading: A.10730 Ways & Means

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.

S546-2011 Text

 S T A T E   O F   N E W   Y O R K
 
 
                                          546
 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  taxation  of property owned by a cooperative corpo
 ration
 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  TO  REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR
 ON A CONDOMINIUM BASIS IN A MUNICIPAL CORPORATION, OTHER THAN A  SPECIAL
 ASSESSING  UNIT,  WHICH HAS ADOPTED, PRIOR TO THE TAXABLE STATUS DATE OF
 THE ASSESSMENT ROLL UPON WHICH ITS TAXES WILL BE LEVIED, A LOCAL LAW OR,
 FOR A SCHOOL DISTRICT, A RESOLUTION PROVIDING  THAT  THE  PROVISIONS  OF
 PARAGRAPH  (A) OF THIS SUBDIVISION SHALL NOT APPLY TO SUCH REAL PROPERTY
 WITHIN THAT MUNICIPAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS  OF
 THIS  PARAGRAPH  SHALL  NOT  APPLY TO REAL PROPERTY OWNED OR LEASED BY A
 COOPERATIVE CORPORATION OR ON A CONDOMINIUM BASIS THAT HAD  BEEN  PREVI
 OUSLY  SUBJECT  TO  THE  PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVISION
 PRIOR TO 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 TO REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  OR
 ON  A  CONDOMINIUM BASIS IN A MUNICIPAL CORPORATION OTHER THAN A SPECIAL
 ASSESSING UNIT, WHICH HAS ADOPTED, PRIOR TO THE TAXABLE STATUS  DATE  OF
 THE ASSESSMENT ROLL UPON WHICH ITS TAXES WILL BE LEVIED, A LOCAL LAW OR,
 FOR  A  SCHOOL  DISTRICT,  A RESOLUTION PROVIDING THAT THE PROVISIONS OF
 PARAGRAPH (B) OF THIS SUBDIVISION SHALL NOT APPLY TO SUCH REAL  PROPERTY
 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00144-01-1
 
       S. 546                              2
 WITHIN  THAT MUNICIPAL CORPORATION; PROVIDED, HOWEVER, THE PROVISIONS OF
 THIS PARAGRAPH SHALL NOT APPLY TO REAL PROPERTY OWNED  OR  LEASED  BY  A
 COOPERATIVE  CORPORATION  OR ON A CONDOMINIUM BASIS THAT HAD BEEN PREVI
 OUSLY  SUBJECT  TO  THE  PROVISIONS OF PARAGRAPH (B) OF THIS SUBDIVISION
 PRIOR TO 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.

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