NY State Senate Bill 2023-S1893

Senate Bill S1893

2023-2024 Legislative Session

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

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Current Bill Status - In Senate Committee Cities 1 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

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to cities 1
Jan 17, 2023	referred to cities 1

co-Sponsors

2023-S1893 (ACTIVE) - Details

Current Committee:: Senate Cities 1
Law Section:: New York City Administrative Code
Laws Affected:: Add §11-240.3, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:: 2011-2012: S6572
2013-2014: S1866
2015-2016: S3181
2017-2018: S5229
2019-2020: S2946
2021-2022: S4147

2023-S1893 (ACTIVE) - Summary

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.

2023-S1893 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S1893

SPONSOR: STAVISKY
 
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 coop-
erative 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. Amends the administrative code of the City of New York by
adding new section 11-240.1. This would require that the assessed value
of real property owned or leased by a cooperative corporation or condo-
minium 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. Sets forth 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 assess-
ments. 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
coop and condominium boards from bearing the financial burden of these
proceedings in consecutive years.

 
PRIOR LEGISLATIVE HISTORY:

2011-2012: A.9466/S.6572 - Referred to Housing.

2013-2014: A.915/5.1866-A - Referred to Housing.

2015-2016: A.1074-A/S.3181-A - Referred to Housing.

2017-2018: A.338/S.5229 - Referred to Housing.

2019-2020: A.250/S.2946 - Referred to Housing.

2021-2022: A.686/S.4147 - Referred to Housing.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2023-S1893 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1893
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 17, 2023
                                ___________
 
 Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 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 11-240.3 to read as follows:
   §  11-240.3  ASSESSMENTS  FOLLOWING  TAX  CERTIORARI  SETTLEMENT.  THE
 ASSESSED  VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE CORPO-
 RATION 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.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05536-01-3

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Senate Bill S1893

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Sponsored By

Toby Ann Stavisky