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Assembly Bill A338

2017-2018 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 Assembly Committee

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2017-A338 (ACTIVE) - Details

See Senate Version of this Bill:
S5229
Current Committee:
Assembly Housing
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-240.2, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2011-2012: A9466, S6572
2013-2014: A915, S1866
2015-2016: A1074, S3181
2019-2020: A250, S2946
2021-2022: A686, S4147
2023-2024: S1893

2017-A338 (ACTIVE) - 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.

2017-A338 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    338
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 5, 2017
                                ___________
 
 Introduced  by  M. of A. BRAUNSTEIN, WEPRIN, DINOWITZ -- Multi-Sponsored
   by -- M. of A.  SIMOTAS -- read once and referred to the Committee  on
   Housing
 
 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 11-240.2 to read as follows:
   §  11-240.2  ASSESSMENTS  FOLLOWING  TAX  CERTIORARI  SETTLEMENT.  THE
 ASSESSED VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPO-
 RATION  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.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01688-01-7

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