senate Bill S1866

2013-2014 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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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to cities
Jan 09, 2013 referred to cities

S1866 - Bill Details

See Assembly Version of this Bill:
A915
Current Committee:
Senate Cities
Law Section:
New York City Administrative Code
Laws Affected:
Add ยง11-240, NYC Ad Cd
Versions Introduced in 2011-2012 Legislative Session:
S6572, A9466

S1866 - Bill Texts

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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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BILL NUMBER:S1866

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
cooperative 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 will add section 11-240 to administrative code of the city
of New York. This would require that the assessed value of real
property owned or leased by a cooperative corporation or condominium
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 contains 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 assessments. 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 co-op and condominium boards from bearing
the financial burden of these proceedings in consecutive years.

PRIOR LEGISLATIVE HISTORY: 2011-2012: S.6572

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

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

                                  1866

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities

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 to read as follows:
  S 11-240 ASSESSMENTS FOLLOWING TAX CERTIORARI SETTLEMENT. THE ASSESSED
VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPORATION  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.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04258-01-3

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