Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to cities |
May 18, 2015 |
print number 5468a |
May 18, 2015 |
amend and recommit to cities |
May 14, 2015 |
referred to cities |
Senate Bill S5468A
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Cities Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Bill Amendments
2015-S5468 - Details
- See Assembly Version of this Bill:
- A7531
- Current Committee:
- Senate Cities
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §467-a, RPT L
2015-S5468 - Sponsor Memo
BILL NUMBER:S5468 TITLE OF BILL: An act to amend the real property tax law, in relation to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more SUMMARY OF PROVISIONS: This bill would extend for three years the partial abatement of real property taxes available to certain dwelling units held in the condominium or cooperative forms of ownership in New York City. It would also authorize the Commissioner of Finance of such city to provide by rule that applications be submitted by dwelling unit owners instead of, or in addition to, applications submitted the board of managers of a condominium or board of directors of a cooperative apartment corporation and to provide by rule that applications are not required to be filed on an annual basis. REASONS FOR SUPPORT: Since 1996 the City of New York has offered, with State authorization, a partial property tax abatement program for co-op and condo owners. The program was established to address inequities in the real property tax system in New York City that creates a higher tax burden on co-ops and condominiums than on comparably valued one-, two- and three-family homes. The original intent of the program was to ensure equity to those coop and condo owners who primarily reside in New York City. This bill extends the program for three additional years, continuing to offer the program to
2015-S5468 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5468 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the real property tax law, in relation to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the real property tax law, as amended by chapter 4 of the laws of 2013, are amended to read as follows: (a) In a city having a population of one million or more, dwelling units owned by unit owners who, as of the applicable taxable status date, own no more than three dwelling units in any one property held in the condominium form of ownership, shall be eligible to receive a partial abatement of real property taxes, as set forth in paragraphs (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- sion; provided, however, that a property held in the condominium form of ownership that is receiving complete or partial real property tax exemption or tax abatement pursuant to any other provision of this chap- ter or any other state or local law, except as provided in paragraph (f) of this subdivision, shall not be eligible to receive a partial abate- ment pursuant to this section; and provided, further, that sponsors shall not be eligible to receive a partial abatement pursuant to this section; and provided, further, that in the fiscal [year] YEARS commenc- ing in calendar years two thousand twelve, two thousand thirteen, [or] two thousand fourteen, TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN OR TWO THOUSAND SEVENTEEN no more than a maximum of three dwelling units owned by any unit owner in a single building, one of which must be the primary residence of such unit owner, shall be eligible to receive a partial EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10965-01-5
co-Sponsors
(D) Senate District
(D) Senate District
(D) 11th Senate District
2015-S5468A (ACTIVE) - Details
- See Assembly Version of this Bill:
- A7531
- Current Committee:
- Senate Cities
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §467-a, RPT L
2015-S5468A (ACTIVE) - Sponsor Memo
BILL NUMBER:S5468A TITLE OF BILL: An act to amend the real property tax law, in relation to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more SUMMARY OF PROVISIONS: This bill would extend for three years the partial abatement of real property taxes available to certain dwelling units held in the condominium or cooperative forms of ownership in New York City. It would also authorize the Commissioner of Finance of such city to provide by rule that applications be submitted by dwelling unit owners instead of, or in addition to, applications submitted the board of managers of a condominium or board of directors of a cooperative apartment corporation and to provide by rule that applications are not required to be filed on an annual basis. JUSTIFICATION: Since 1996 the City of New York has offered, with State authorization, a partial property tax abatement program for co-op and condo owners. The program was established to address inequities in the real property tax system in New York City that creates a higher tax burden on co-ops and condominiums than on comparably valued one-, two- and three-family homes. The original intent of the program was to ensure equity to those coop and condo owners who primarily reside in New York City. This bill extends the program for three additional years, continuing to offer the program to
2015-S5468A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5468--A 2015-2016 Regular Sessions I N S E N A T E May 14, 2015 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the real property tax law, as amended by chapter 4 of the laws of 2013, are amended to read as follows: (a) In a city having a population of one million or more, dwelling units owned by unit owners who, as of the applicable taxable status date, own no more than three dwelling units in any one property held in the condominium form of ownership, shall be eligible to receive a partial abatement of real property taxes, as set forth in paragraphs (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- sion; provided, however, that a property held in the condominium form of ownership that is receiving complete or partial real property tax exemption or tax abatement pursuant to any other provision of this chap- ter or any other state or local law, except as provided in paragraph (f) of this subdivision, shall not be eligible to receive a partial abate- ment pursuant to this section; and provided, further, that sponsors shall not be eligible to receive a partial abatement pursuant to this section; and provided, further, that in the fiscal [year] YEARS commenc- ing in calendar years two thousand twelve, two thousand thirteen, [or] two thousand fourteen, TWO THOUSAND FIFTEEN, TWO THOUSAND SIXTEEN OR TWO THOUSAND SEVENTEEN no more than a maximum of three dwelling units owned by any unit owner in a single building, one of which must be the primary EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10965-03-5
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