S T A T E   O F   N E W   Y O R K
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                                  4692

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 5, 2015
                               ___________

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

AN ACT to amend the real property tax law,  in  relation  to  transition
  assessments for class three parcels in the city of New York

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

  Section 1. Subdivision 3 of section 1805 of the real property tax law,
as amended by chapter 143 of the laws of 1989 and as further amended  by
subdivision  (b)  of  section  1  of part W of chapter 56 of the laws of
2010, is amended to read as follows:
  3. If the assessment appearing on an assessment roll completed  on  or
after  January  first,  nineteen  hundred  eighty-two for any parcel not
subject to the provisions of subdivision one or two  of  this  section[,
other  than  a  parcel  classified  in class three,] is greater than the
assessment appearing on the previous year's assessment roll the assessor
shall determine a transition assessment for such parcel  for  the  first
assessment roll on which such greater assessment appears and for each of
the succeeding four assessment rolls by computing the difference between
such  greater  assessment  and the assessment appearing on such previous
year's assessment roll and adding  the  following  percentages  of  such
difference  to  the assessment appearing on such previous year's assess-
ment roll: in the first year, twenty percent; in the second year,  forty
percent;  in  the  third year, sixty percent; in the fourth year, eighty
percent; and in the fifth year, one hundred percent. If  the  assessment
of  a  parcel  is increased during a period for which transition assess-
ments have been established because of any prior  assessment  increases,
such  new  increase  shall  be  phased-in over a five-year period as set
forth in this subdivision, and such phased-in increases shall  be  added
to  the  transitional  assessments  previously established for the prior
increase; provided, however, that if in any  year  any  such  transition
assessment exceeds the actual assessment for such year, taxes imposed on

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01854-01-5
              

A. 4692                             2

such  parcel  for such year shall be based on such lesser actual assess-
ment. Notwithstanding the foregoing, during the period of any such tran-
sition, the assessment roll shall contain an entry of the full amount of
such  greater  assessment which shall be used by the commissioner in its
determination of class ratios pursuant to paragraph (b)  of  subdivision
one of section twelve hundred two of this chapter. In establishing state
equalization rates, class equalization rates, special state equalization
rates  and special state equalization ratios under article twelve, arti-
cle twelve-A and article twelve-B  of  this  chapter,  the  commissioner
shall use the transition assessments as provided for in this subdivision
in  its  determinations,  or  where the actual assessment is the lesser,
such actual assessment shall be so used.
  S 2. This act shall take effect immediately.