S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7326

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2013
                               ___________

Introduced  by M. of A. QUART -- read once and referred to the Committee
  on Real Property Taxation

AN ACT to amend the administrative code of the  city  of  New  York,  in
  relation  to  requiring  real  property  to  be  assessed using a fair
  comparative

  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 11-201.1 to read as follows:
  S 11-201.1 ASSESSMENTS ON REAL PROPERTY; FAIR COMPARATIVE.  ALL  RESI-
DENTIAL  REAL  PROPERTY  SUBJECT  TO  TAXATION  WITHIN THE CITY SHALL BE
ASSESSED USING A FAIR  COMPARATIVE  OF  SUCH  RENTAL  PROPERTY.  A  FAIR
COMPARATIVE  SHALL  BE BASED ON THE MARKET VALUE OF THE REAL PROPERTY AS
DETERMINED BY COMPARISON TO THE SALE OF SIMILAR REAL PROPERTY OR ON  THE
INCOME OF SIMILAR RENTAL PROPERTIES, PROVIDED, HOWEVER, THAT COMPARATIVE
RENTAL PROPERTIES SHALL NOT BE REQUIRED TO BE RENT-REGULATED.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10198-01-3


              

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7326--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2013
                               ___________

Introduced  by M. of A. QUART -- read once and referred to the Committee
  on Real Property Taxation -- recommitted  to  the  Committee  on  Real
  Property  Taxation  in  accordance  with  Assembly  Rule  3, sec. 2 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

AN  ACT  to  amend  the  administrative code of the city of New York, in
  relation to requiring real  property  to  be  assessed  using  a  fair
  comparative

  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 11-201.1 to read as follows:
  S  11-201.1  ASSESSMENTS ON REAL PROPERTY; FAIR COMPARATIVE. ALL RESI-
DENTIAL REAL PROPERTY SUBJECT TO  TAXATION  WITHIN  THE  CITY  SHALL  BE
ASSESSED  USING  A FAIR COMPARATIVE OF SUCH PROPERTY. A FAIR COMPARATIVE
SHALL BE BASED ON THE VALUE  OF  THE  REAL  PROPERTY  AS  DETERMINED  BY
COMPARISON  TO THE INCOME OF SIMILAR RENTAL PROPERTIES, PROVIDED, HOWEV-
ER, THAT COMPARATIVE RENTAL PROPERTIES  SHALL  NOT  BE  REQUIRED  TO  BE
RENT-REGULATED.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10198-02-4


              

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7326--B

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              May 10, 2013
                               ___________

Introduced  by M. of A. QUART -- read once and referred to the Committee
  on Real Property Taxation -- recommitted  to  the  Committee  on  Real
  Property  Taxation  in  accordance  with  Assembly  Rule  3, sec. 2 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted  to  said  committee -- again reported from said committee
  with amendments, ordered reprinted as amended and recommitted to  said
  committee

AN ACT to amend the real property tax law, in relation to requiring real
  property to be assessed using a fair comparative

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  This act shall be known and may be cited as the  "fairness
in assessment act".
  S 2. Legislative findings and intent. The legislature hereby finds and
declares  it  necessary  to ensure fair property assessments in New York
City to provide equity for all property taxpayers.
  In New York City, most apartment buildings are assessed  for  taxation
based on the income that they generate for their owners. Condominium and
cooperative  apartment  buildings  do  not  generate income, so they are
assessed by comparing them to similar rental buildings that do  generate
income. The New York City Department of Finance uses building with rent-
regulated units as comparison buildings for many luxury buildings, arti-
ficially  deflating  their  assessments and, necessarily, their property
tax burden.
  Because the city uses a class share system to distribute the  property
tax  burden, any revenue lost from undertaxed properties will be made up
by other properties in that same class. The undertaxing of luxury build-
ings in Class 2 shifts that burden to other Class 2 taxpayers, including
middle income apartment owners and renters in large apartment buildings.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10198-04-4

A. 7326--B                          2
              

  The legislature further finds that it is necessary to clarify that the
use of non-rent-regulated properties  for  comparison  purposes  in  the
assessment process is hereby authorized.
  S 3. Paragraph (a) of subdivision 1 of section 581 of the real proper-
ty tax law, as amended by chapter 223 of the laws of 1989, is amended to
read as follows:
  (a) Notwithstanding any other provision of law, real property owned or
leased  by  a cooperative corporation or on a condominium basis shall be
assessed for purposes of this chapter at a sum not exceeding the assess-
ment which would be placed upon such parcel were the parcel not owned or
leased by a cooperative corporation or on a condominium basis.   NOTHING
IN  THIS SECTION SHALL BE CONSTRUED TO REQUIRE THE USE OF RENT-REGULATED
PROPERTIES AS COMPARISON PROPERTIES FOR ASSESSMENT PURPOSES.
  S 4. Section 102 of the real property tax law is amended by adding two
new subdivisions 22 and 23 to read as follows:
  22. "RENT-REGULATED PROPERTY" MEANS A HOUSING ACCOMMODATION  WHICH  IS
SUBJECT  TO  THE  REGULATIONS  AND  CONTROL  OF  RESIDENTIAL  RENTS  AND
EVICTIONS PURSUANT TO THE EMERGENCY HOUSING RENT CONTROL LAW, THE  LOCAL
EMERGENCY  HOUSING RENT CONTROL ACT, THE EMERGENCY TENANT PROTECTION ACT
OF NINETEEN SEVENTY-FOUR, THE NEW YORK CITY RENT AND REHABILITATION  LAW
OR  THE  NEW  YORK  CITY  RENT  STABILIZATION  LAW  OF  NINETEEN HUNDRED
SIXTY-NINE.
  23. "COMPARISON PROPERTIES" MEANS ANY REAL PROPERTY CONSIDERED  BY  AN
ASSESSOR TO BE SUFFICIENTLY SIMILAR TO A SUBJECT PROPERTY TO BE COMPARED
TO IT TO DETERMINE THE SUBJECT PROPERTY'S ASSESSMENT.
  S 5. This act shall take effect immediately.