|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to cities|
|Jan 09, 2013||referred to cities|
senate Bill S1866
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S1866 - Details
S1866 - 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.
S1866 - Sponsor Memo
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:
S1866 - Bill Text download pdf
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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