| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 04, 2012 |
referred to local government |
| Apr 29, 2011 |
print number 4790a |
| Apr 29, 2011 |
amend and recommit to local government |
| Apr 25, 2011 |
referred to local government |
Senate Bill S4790
2011-2012 Legislative Session
Sponsored By
(D) 11th Senate District
Archive: Last Bill Status - In Senate Committee Local Government Committee
Actions
Bill Amendments
2011-S4790 - Details
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §581, RPT L
2011-S4790 - Sponsor Memo
BILL NUMBER:S4790
TITLE OF BILL:
An act
to amend the real property tax law, in relation to limiting the increase
in real property tax assessments on residential cooperatives and
condominiums; and providing for the repeal of such provisions upon
expiration thereof
PURPOSE OR GENERAL IDEA OF BILL:
To limit property tax increases in
co-ops and condos to six percent prior to re-evaluation of assessments.
SUMMARY OF SPECIFIC PROVISIONS:
Section 581 of the real property tax
law is amended by adding a new subdivision 5.
JUSTIFICATION:
The City of New York Department of Finance has
re-assessed co-ops and condos, many by as much as fifty percent. A
one year moratorium is needed to study this issue and prepare fair
assessments. The DOF has admitted computer glitches occurred making
errors in many assessments. In addition, the comparable rental
housing comparison required of all co-ops built prior to 1974 is
faulty and needs review. This measure provides relief from the May
25,2011 deadline mandated by the NYC Charter for its July 2011 budget.
2011-S4790 - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4790
2011-2012 Regular Sessions
I N S E N A T E
April 25, 2011
___________
Introduced by Sen. STAVISKY -- 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, in relation to limiting the
increase in real property tax assessments on residential cooperatives
and condominiums; and providing for the repeal of such provisions upon
expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 581 of the real property tax law is amended by
adding a new subdivision 5 to read as follows:
5. ANY INCREASE IN THE REAL PROPERTY TAX LIABILITY OF ANY REAL PROPER-
TY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR ON A CONDOMINIUM
BASIS RESULTING FROM A REVALUATION, REASSESSMENT OR UPDATE, AS DEFINED
PURSUANT TO SUBDIVISION TWELVE-A OF SECTION ONE HUNDRED TWO OF THIS
CHAPTER, SHALL BE LIMITED TO SIX PERCENT OF THE REAL PROPERTY TAX
LIABILITY OF SUCH PROPERTY ESTABLISHED BY THE ASSESSMENT ROLL PREPARED
ON THE BASIS OF THE TAXABLE STATUS DATE OCCURRING IMMEDIATELY PRIOR TO
SUCH REVALUATION, REASSESSMENT OR UPDATE.
S 2. This act shall take effect immediately and shall expire and be
deemed repealed one year after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10959-01-1
co-Sponsors
(D, WF) Senate District
2011-S4790A (ACTIVE) - Details
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §581, RPT L
2011-S4790A (ACTIVE) - Sponsor Memo
BILL NUMBER:S4790A
TITLE OF BILL:
An act
to amend the real property tax law, in relation to limiting the increase
in real property tax assessments on residential cooperatives and
condominiums; and providing for the repeal of such provisions upon
expiration thereof
PURPOSE OR GENERAL IDEA OF BILL:
To limit property tax increases in
co-ops and condos to six percent prior to re-evaluation of assessments.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1805 of the real property tax law is amended by adding
a new subdivision 7.
JUSTIFICATION:
The City of New York Department of Finance has
re-assessed co-ops and condos, many by as much as fifty percent. A
one year moratorium is needed to study this issue and prepare fair
assessments. The DOF has admitted computer glitches occurred making
errors in many assessments. In addition, the comparable rental
housing comparison required of all co-ops built prior to 1974 is
faulty and needs review. This measure provides relief from the May
25, 2011 deadline mandated by the NYC Charter for its July 2011 budget.
2011-S4790A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
4790--A
2011-2012 Regular Sessions
I N S E N A T E
April 25, 2011
___________
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government --
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 limiting the
increase in real property tax assessments on residential cooperatives
and condominiums; and providing for the repeal of such provisions upon
expiration thereof
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 1805 of the real property tax law is amended by
adding a new subdivision 7 to read as follows:
7. ANY INCREASE IN THE REAL PROPERTY TAX LIABILITY OF ANY REAL PROPER-
TY OWNED OR LEASED BY A COOPERATIVE CORPORATION OR ON A CONDOMINIUM
BASIS RESULTING FROM A REVALUATION, REASSESSMENT OR UPDATE, AS DEFINED
PURSUANT TO SUBDIVISION TWELVE-A OF SECTION ONE HUNDRED TWO OF THIS
CHAPTER, SHALL BE LIMITED TO SIX PERCENT OF THE REAL PROPERTY TAX
LIABILITY OF SUCH PROPERTY ESTABLISHED BY THE ASSESSMENT ROLL PREPARED
ON THE BASIS OF THE TAXABLE STATUS DATE OCCURRING IMMEDIATELY PRIOR TO
SUCH REVALUATION, REASSESSMENT OR UPDATE.
S 2. This act shall take effect immediately and shall expire and be
deemed repealed one year after such date.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10959-02-1
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