S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    87
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD01370-01-1

 A. 87                               2
 
 assessment exceeds the actual assessment for such year, taxes imposed on
 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.
   § 2. This act shall take effect immediately.