assembly Bill A3395

2021-2022 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

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Current Bill Status - In Assembly Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 26, 2021 referred to real property taxation

Co-Sponsors

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A3395 (ACTIVE) - Details

See Senate Version of this Bill:
S2887
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:
A7092, S5267

A3395 (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.

A3395 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3395
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 26, 2021
                                ___________
 
 Introduced  by  M.  of  A. RODRIGUEZ, CYMBROWITZ, DICKENS, D. ROSENTHAL,
   J. RIVERA, CUSICK, PICHARDO, EICHENSTEIN, REYES, CRUZ, BARRON, HEVESI,
   EPSTEIN, GLICK, FRONTUS, BENEDETTO, TAYLOR, JOYNER, SIMON -- read once
   and referred to the Committee on Real Property Taxation
 
 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  FOR
 FISCAL YEARS COMMENCING IN CALENDAR YEARS 2021 AND AFTER, THE PROVISIONS
 OF THIS SECTION SHALL NOT APPLY TO ANY DWELLING UNIT FOR WHICH THE BILL-
 ABLE 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 chapter 90 of the laws of 2019, 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.