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Senate Bill S5229

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 Senate Committee Cities Committee

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2017-S5229 (ACTIVE) - Details

See Assembly Version of this Bill:
A338
Current Committee:
Senate Cities
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-240.2, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2011-2012: S6572, A9466
2013-2014: S1866, A915
2015-2016: S3181, A1074
2019-2020: S2946, A250
2021-2022: S4147, A686
2023-2024: S1893

2017-S5229 (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-S5229 (ACTIVE) - Sponsor Memo

2017-S5229 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5229
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                              March 16, 2017
                                ___________
 
 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 11-240.2 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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