senate Bill S5267

2019-2020 Legislative Session

Relates to the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Cities Committee


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

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Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to cities
Apr 22, 2019 referred to cities

Co-Sponsors

S5267 (ACTIVE) - Details

Current Committee:
Senate Cities
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467-a, RPT L

S5267 (ACTIVE) - Summary

Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater and instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.

S5267 (ACTIVE) - Sponsor Memo

S5267 (ACTIVE) - Bill Text download pdf


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

                                  5267

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                             April 22, 2019
                               ___________

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

AN ACT to amend the real property tax law, in relation  to  partial  tax
  abatement  for  residential  real  property held in the cooperative or
  condominium form of ownership in a city having  a  population  of  one
  million or more

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

  Section 1. Subdivision 2 of section 467-a of the real property tax law
is amended by adding a new paragraph (b-2) to read as follows:
  (B-2) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY,  THE
PROVISIONS  OF  THIS  SECTION  SHALL  NOT APPLY TO ANY DWELLING UNIT FOR
WHICH THE BILLABLE ASSESSED VALUE IS TWO  HUNDRED  THOUSAND  DOLLARS  OR
GREATER.
  §  2.  Paragraphs (a) and (b) of subdivision 2 of section 467-a of the
real property tax law, as amended by section 61 of part A of chapter  20
of the laws of 2015, are amended to read as follows:
  (a)  In  a  city  having a population of one million or more, dwelling
units owned by unit owners who, as  of  the  applicable  taxable  status
date,  own no more than three dwelling units in any one property held in
the condominium form of  ownership,  shall  be  eligible  to  receive  a
partial  abatement  of  real  property taxes, as set forth in paragraphs
(c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of  this  subdivi-
sion; provided, however, that a property held in the condominium form of
ownership  that  is  receiving  complete  or  partial  real property tax
exemption or tax abatement pursuant to any other provision of this chap-
ter or any other state or local law, except as provided in paragraph (f)
of this subdivision, shall not be eligible to receive a  partial  abate-
ment  pursuant  to  this  section;  and provided, further, that sponsors
shall not be eligible to receive a partial abatement  pursuant  to  this
section;  and  provided, further, that in the fiscal years commencing in

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

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