NY State Senate Bill 2021-S2887A

Senate Bill S2887A

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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Archive: Last Bill Status - In Senate Committee Cities 1 Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Feb 07, 2022	print number 2887a
Feb 07, 2022	amend and recommit to cities 1
Jan 05, 2022	referred to cities 1
Jan 26, 2021	referred to cities 1

Bill Amendments

Original

A (Active)

co-Sponsors

2021-S2887 - Details

See Assembly Version of this Bill:: A9185
Current Committee:: Senate Cities 1
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:: S5267, A7092

2021-S2887 - 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; 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.

2021-S2887 - Sponsor Memo

                                
 
BILL NUMBER: S2887

SPONSOR: KAVANAGH
 
TITLE OF BILL:

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

 
PURPOSE:

To renew and reform the cooperative and condominium real estate tax
abatement by eliminating the real estate tax break currently available
to owners whose units have a Department of Finance (DOT) billable
assessed value of $200,000 or higher to more efficiently target tax
policy towards pressing housing needs. This legislation requires that
NYC must earmark an equivalent amount of revenue in a designated fund
for the NYCHA, with payments authorized by the Commissioner of the
Department of Housing Preservation and Development.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends subdivision two of section 467-a of the Real Property
Tax Law by adding a new paragraph b-2, which would establish a new
eligibility threshold for the cooperative and condominium abatement.
Properties with a DOF billable assessed value of $200,000 or greater
would be ineligible for the abatement.

Section 2 amends paragraphs a and b of subdivision two of section 476-a
of the Real Property Tax Law, as amended by section 61 of part A of
chapter 20 of the laws of 2015, to require New York City (NYC) to depos-
it monies previously used for tax abatements to owners with billable
assessed values over 200,000 in a designated fund for the New York City
Housing Authority (NYCHA), with payments authorized by the commissioner
of the department of housing preservation and development (HPD).

Section 6 sets forth the effective date.

 
JUSTIFICATION:

Every year, NYC gives away $612 million in a relatively unknown tax
break to cooperative and condominium owners, including ultra-luxury
owners. Given the $32 billion of needed repairs for safe and decent
living conditions in NYCHA, the current law should be amended to elimi-
nate the tax break for luxury owners and redirect revenue to the NYCHA.
The abatement will not be changed for the majority of homeowners.

Established in 1997, the Cooperative and Condominium Property Tax Abate-
ment reduces the real property taxes of condominium and cooperative
owner-occupiers by 17.5% - 28.1%, depending on assessed value. While
this coop and condo abatement is the 2nd largest tax expenditure in NYC,
many homebuyers are unaware of it when they purchase an apartment.
Unlike the federal Mortgage Interest Deduction, it does not typically
factor into a buyer's calculation of affordability.

More than 320,000 cooperative and condominium homeowners received an
average tax break of $1,890 in FY 2019 but benefits to luxury homeowners
far exceed this average. The top 10% of the abatement, going to 32,000
luxury homeowners, represents $172 million in tax breaks. The top ten
tax abatements range in value from $35,000-$45,000 per unit. The cost of
this tax break has increased at an annual rate of 7% until last year
when it grew by 16%, driven by luxury condos previously developed under
421-a. This trend is expected to continue in upcoming years.. Reforming
the abatement now will contain growing costs for NYC, while making
investments necessary to preserve Public housing.

 
LEGISLATIVE HISTORY:

2020: S5267A (Kavanagh) / A7092B (Rodriguez) - CITIES

2019: S5267A (Kavanagh) / A7092B (Rodriguez) - CITIES

 
FISCAL IMPLICATIONS:

Unknown.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S2887 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2887
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2021
                                ___________
 
 Introduced by Sens. KAVANAGH, SALAZAR -- read twice and ordered printed,
   and when printed to be committed to the Committee on Cities 1
 
 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
 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.

                                                            LBD03154-01-1

 S. 2887                             2
 
 calendar years two thousand twelve through two thousand  [twenty]  TWEN-
 TY-TWO  no more than a maximum of three dwelling units owned by any unit
 owner in a single building, one of which must be the  primary  residence
 of  such  unit  owner,  shall be eligible to receive a partial abatement
 pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4)  of  this  subdivi-
 sion.
   (b)  In  a  city  having a population of one million or more, dwelling
 units owned by tenant-stockholders who, as  of  the  applicable  taxable
 status  date,  own no more than three dwelling units in any one property
 held in the cooperative 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 cooperative 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
 calendar years two thousand twelve through two thousand  [twenty]  TWEN-
 TY-TWO  no  more  than  a  maximum  of three dwelling units owned by any
 tenant-stockholder in a single building, one of which must be the prima-
 ry residence of such tenant-stockholder, shall be eligible to receive  a
 partial  abatement  pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4)
 of this subdivision. For purposes of this section, a  tenant-stockholder
 of a cooperative apartment corporation shall be deemed to own the dwell-
 ing  unit  which  is  represented  by his or her shares of stock in such
 corporation. Any abatement so granted shall be credited by the appropri-
 ate taxing authority against the tax due on the property as a whole. The
 reduction in real property taxes received thereby shall be  credited  by
 the  cooperative  apartment corporation against the amount of such taxes
 attributable to eligible dwelling units at the time of receipt.
   § 3. Paragraphs (d-1), (d-2), (d-3) and  (d-4)  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:
   (d-1) In the fiscal years commencing in calendar  years  two  thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing  units in property whose average unit assessed value is less than or
 equal to fifty thousand dollars shall receive a partial abatement of the
 real property taxes attributable to or due on  such  dwelling  units  of
 twenty-five  percent,  twenty-six  and one-half percent and twenty-eight
 and one-tenth percent respectively. In the fiscal  years  commencing  in
 calendar  years two thousand fifteen through two thousand [twenty] TWEN-
 TY-TWO eligible dwelling units in property whose average  unit  assessed
 value  is  less  than or equal to fifty thousand dollars shall receive a
 partial abatement of the real property taxes attributable to or  due  on
 such dwelling units of twenty-eight and one-tenth percent.
   (d-2)  In  the  fiscal years commencing in calendar years two thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing units in property whose average unit assessed  value  is  more  than
 fifty  thousand  dollars,  but less than or equal to fifty-five thousand
 dollars, shall receive a partial abatement of the  real  property  taxes
 attributable to or due on such dwelling units of twenty-two and one-half
 percent,  twenty-three and eight-tenths percent and twenty-five and two-
 tenths percent respectively. In the fiscal years commencing in  calendar

 S. 2887                             3
 
 years  two  thousand  fifteen  through  two thousand [twenty] TWENTY-TWO
 eligible dwelling units in property whose average unit assessed value is
 more than fifty thousand dollars, but less than or equal  to  fifty-five
 thousand dollars, shall receive a partial abatement of the real property
 taxes  attributable  to or due on such dwelling units of twenty-five and
 two-tenths percent.
   (d-3) In the fiscal years commencing in calendar  years  two  thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing  units  in  property  whose average unit assessed value is more than
 fifty-five thousand dollars, but less than or equal  to  sixty  thousand
 dollars,  shall  receive  a partial abatement of the real property taxes
 attributable to or due on such dwelling units of twenty  percent,  twen-
 ty-one  and  two-tenths  percent, and twenty-two and five-tenths percent
 respectively. In the fiscal years commencing in calendar years two thou-
 sand fifteen through two thousand [twenty] TWENTY-TWO eligible  dwelling
 units  in property whose average unit assessed value is more than fifty-
 five thousand dollars, but less than or equal to sixty thousand dollars,
 shall receive a partial abatement of the real property  taxes  attribut-
 able  to  or  due  on  such dwelling units of twenty-two and five-tenths
 percent.
   (d-4) In the fiscal years commencing in calendar  years  two  thousand
 twelve through two thousand [twenty] TWENTY-TWO, eligible dwelling units
 in  property  whose average unit assessed value is more than sixty thou-
 sand dollars shall receive a partial  abatement  of  the  real  property
 taxes  attributable  to  or  due on such dwelling units of seventeen and
 one-half percent.
   § 4. Paragraph (a) of subdivision 3 of section 467-a of the real prop-
 erty tax law, as amended by chapter 90 of the laws of 2019,  is  amended
 to read as follows:
   (a)  An  application for an abatement pursuant to this section for the
 fiscal year commencing in  calendar  year  nineteen  hundred  ninety-six
 shall  be  made  no  later than the fifteenth day of September, nineteen
 hundred ninety-six. An application for an  abatement  pursuant  to  this
 section for the fiscal year commencing in calendar year nineteen hundred
 ninety-seven  shall  be made no later than the first day of April, nine-
 teen hundred ninety-seven. An application for an abatement  pursuant  to
 this  section  for  the fiscal year commencing in calendar year nineteen
 hundred ninety-eight shall be made no later than the first day of April,
 nineteen hundred ninety-eight. An application for an abatement  pursuant
 to this section for the fiscal year commencing in calendar year nineteen
 hundred  ninety-nine  shall  be made in accordance with this subdivision
 and subdivision three-a of this section. An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand shall be made no later than the fifteenth day of  February,
 two  thousand.  An application for an abatement pursuant to this section
 for the fiscal year commencing in calendar year two thousand  one  shall
 be  made  in accordance with this subdivision and subdivision three-b of
 this section. An application for an abatement pursuant to  this  section
 for  the  fiscal year commencing in calendar year two thousand two shall
 be made no later than the fifteenth day of February, two  thousand  two.
 An  application for an abatement pursuant to this section for the fiscal
 year commencing in calendar year two thousand three  shall  be  made  no
 later  than the fifteenth day of February, two thousand three. An appli-
 cation for an abatement pursuant to this section  for  the  fiscal  year
 commencing  in  calendar year two thousand four shall be made in accord-
 ance with this subdivision and subdivision three-c of this  section.  An

 S. 2887                             4
 
 application  for  an  abatement  pursuant to this section for the fiscal
 year commencing in calendar year two thousand  five  shall  be  made  no
 later than the fifteenth day of February, two thousand five. An applica-
 tion  for  an  abatement  pursuant  to  this section for the fiscal year
 commencing in calendar year two thousand six shall be made no later than
 the fifteenth day of February, two thousand six. An application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two thousand  seven  shall  be  made  no  later  than  the
 fifteenth day of February, two thousand seven. An application for abate-
 ment pursuant to this section for the fiscal year commencing in calendar
 year  two  thousand eight shall be made in accordance with this subdivi-
 sion and subdivision three-d of this  section.  An  application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two  thousand  nine  shall  be  made  no  later  than  the
 fifteenth  day  of  February,  two  thousand nine. An application for an
 abatement pursuant to this section for the  fiscal  year  commencing  in
 calendar year two thousand ten shall be made no later than the fifteenth
 day  of  February,  two  thousand  ten.  An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand eleven shall be made no later than  the  fifteenth  day  of
 February,  two thousand eleven. An application for an abatement pursuant
 to this section for the fiscal years commencing in  calendar  years  two
 thousand  twelve  and  two thousand thirteen shall be made in accordance
 with subdivision three-e of this section. The date  or  dates  by  which
 applications for an abatement pursuant to this section shall be made for
 the  fiscal  years  beginning  in  calendar  years two thousand fourteen
 through two thousand [twenty] TWENTY-TWO shall  be  established  by  the
 commissioner  of finance by rule, provided that such date or dates shall
 not be later than the fifteenth day of February for such calendar years.
   § 5. For fiscal years commencing in calendar years 2021 and after, the
 New York city department of finance shall reallocate the monies used  to
 provide  the partial tax abatement for residential real property held in
 the cooperative or condominium form  of  ownership  for  dwelling  units
 whose  billable assessed value is two hundred thousand dollars or great-
 er, which are now ineligible for such tax abatement pursuant to  section
 one of this act, to be deposited in a special account in the name of the
 New  York city housing authority.  Payment from such account shall be on
 the authorization of the commissioner of the department of housing pres-
 ervation and development.
   § 6. This act shall take effect immediately.

co-Sponsors

2021-S2887A (ACTIVE) - Details

See Assembly Version of this Bill:: A9185
Current Committee:: Senate Cities 1
Law Section:: Real Property Tax Law
Laws Affected:: Amd §467-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:: S5267, A7092

2021-S2887A (ACTIVE) - Summary

2021-S2887A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S2887A

SPONSOR: KAVANAGH
 
TITLE OF BILL:

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

 
PURPOSE:

To renew and reform the cooperative and condominium real estate tax
abatement by eliminating the real estate tax break currently available
to owners whose units have a Department of Finance (DOF) billable
assessed value of $200,000 or higher to more efficiently target tax
policy towards pressing housing needs. This legislation requires that
NYC must earmark an equivalent amount of revenue in a designated fund
for the NYCHA, with payments authorized by the Commissioner of the
Department of Housing Preservation and Development.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 amends subdivision two of section 467-a of the Real Property
Tax Law by adding a new paragraph b-2, which would establish a new
eligibility threshold for the cooperative and condominium abatement.
Properties with a DOF billable assessed value of $200,000 or greater
would be ineligible for the abatement.

Section 2 amends paragraphs a and b of subdivision two of section 467-a
of the Real Property Tax Law, as amended by chapter 184 of the laws of
2021, to set forth the types of condominium and cooperative dwelling
units eligible to receive a partial abatement of real property taxes.

Section 3 amends paragraphs (d-1), (d-2), (d-3) and (d-4) of subdivision
2 of section 467-a of the real property tax law, as amended by chapter
184 of the laws of 2021, to set the percentage of partial abatement of
the real property taxes attributable to or due on eligible dwelling
units in properties whose average unit assessed value is less than or
equal to fifty thousand dollars, more than fifty thousand dollars but
less than or equal to fifty-five thousand dollars, more than fifty-five
thousand dollars but less than or equal to sixty thousand dollars, and
more than sixty thousand dollars.

Section 4 amends paragraph (a) of subdivision 3 of section 467-a of the
Real Property Tax Law, as amended by chapter 184 of the laws of 2021, to
include the date by which applications for an abatement shall be made
for fiscal years beginning in calendar years two thousand fourteen
through two thousand twenty-three.

Section 5 requires New York City (NYC) to deposit monies previously used
for tax abatements to owners with billable assessed values over 200,000
in a designated fund for the New York City Housing Authority (NYCHA),
with payments authorized by the commissioner of the Department of Hous-
ing Preservation and Development (HPD).

Section 6 sets forth the effective date.

 
JUSTIFICATION:
Every year, NYC gives away $612 million in a relatively unknown tax
break to cooperative and condominium owners, including ultra-luxury
owners. Given the $32 billion of needed repairs for safe and decent
living conditions in NYCHA, the current law should be amended to elimi-
nate the tax break for luxury owners and redirect revenue to the NYCHA.
The abatement will not be changed for the majority of homeowners.

Established in 1997, the Cooperative and Condominium Property Tax Abate-
ment reduces the real property taxes of condominium and cooperative
owner-occupiers by 17.5% - 28.1%, depending on assessed value. While
this coop and condo abatement is the 2nd largest tax expenditure in NYC,
many homebuyers are unaware of it when they purchase an apartment.
Unlike the federal Mortgage Interest Deduction, it does not typically
factor into a buyer's calculation of affordability.

More than 320,000 cooperative and condominium homeowners received an
average tax break of $1,890 in FY 2019, but benefits to luxury homeown-
ers far exceed this average. The top 10% of the abatement, going to
32,000 luxury homeowners, represents $172 million in tax breaks. The top
ten tax abatements range in value from $35,000-$45,000 per unit. The
cost of this tax break has increased at an annual rate of 7% until last
year when it grew by 16%, driven by luxury condos previously developed
under 421-a. This trend is expected to continue in upcoming years.
Reforming the abatement now will contain growing costs for NYC, while
making investments necessary to preserve public housing.

 
LEGISLATIVE HISTORY:

2020: S5267A (Kavanagh) / A7092B (Rodriguez) - CITIES

2019: S5267A (Kavanagh) / A7092B (Rodriguez) - CITIES

 
FISCAL IMPLICATIONS:

Unknown.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2021-S2887A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  2887--A
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 26, 2021
                                ___________
 
 Introduced by Sens. KAVANAGH, SALAZAR -- read twice and ordered printed,
   and  when  printed  to  be  committed  to the Committee on Cities 1 --
   recommitted to the Committee on Cities 1  in  accordance  with  Senate
   Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee

 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 TWO THOUSAND TWENTY-TWO AND
 AFTER, 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 chapter 184 of the laws of 2021,
 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)
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03154-02-2

 S. 2887--A                          2
 
 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
 calendar years two thousand twelve  through  two  thousand  [twenty-two]
 TWENTY-THREE no more than a maximum of three dwelling units owned by any
 unit  owner in a single building, one of which must be the primary resi-
 dence of such unit owner, shall be eligible to receive a partial  abate-
 ment pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) of this subdi-
 vision.
   (b)  In  a  city  having a population of one million or more, dwelling
 units owned by tenant-stockholders who, as  of  the  applicable  taxable
 status  date,  own no more than three dwelling units in any one property
 held in the cooperative 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 cooperative 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
 calendar years two thousand twelve  through  two  thousand  [twenty-two]
 TWENTY-THREE no more than a maximum of three dwelling units owned by any
 tenant-stockholder in a single building, one of which must be the prima-
 ry  residence of such tenant-stockholder, shall be eligible to receive a
 partial abatement pursuant to paragraphs (d-1), (d-2), (d-3)  and  (d-4)
 of  this subdivision. For purposes of this section, a tenant-stockholder
 of a cooperative apartment corporation shall be deemed to own the dwell-
 ing unit which is represented by his or her  shares  of  stock  in  such
 corporation. Any abatement so granted shall be credited by the appropri-
 ate taxing authority against the tax due on the property as a whole. The
 reduction  in  real property taxes received thereby shall be credited by
 the cooperative apartment corporation against the amount of  such  taxes
 attributable to eligible dwelling units at the time of receipt.
   §  3.  Paragraphs  (d-1),  (d-2),  (d-3) and (d-4) of subdivision 2 of
 section 467-a of the real property tax law, as amended by chapter 184 of
 the laws of 2021, are amended to read as follows:
   (d-1) In the fiscal years commencing in calendar  years  two  thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing  units in property whose average unit assessed value is less than or
 equal to fifty thousand dollars shall receive a partial abatement of the
 real property taxes attributable to or due on  such  dwelling  units  of
 twenty-five  percent,  twenty-six  and one-half percent and twenty-eight
 and one-tenth percent respectively. In the fiscal  years  commencing  in
 calendar  years  two  thousand fifteen through two thousand [twenty-two]
 TWENTY-THREE eligible dwelling units  in  property  whose  average  unit
 assessed  value  is  less  than or equal to fifty thousand dollars shall
 receive a partial abatement of the real property taxes  attributable  to
 or due on such dwelling units of twenty-eight and one-tenth percent.
   (d-2)  In  the  fiscal years commencing in calendar years two thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing units in property whose average unit assessed  value  is  more  than
 fifty  thousand  dollars,  but less than or equal to fifty-five thousand
 S. 2887--A                          3
 
 dollars, shall receive a partial abatement of the  real  property  taxes
 attributable to or due on such dwelling units of twenty-two and one-half
 percent,  twenty-three and eight-tenths percent and twenty-five and two-
 tenths  percent respectively. In the fiscal years commencing in calendar
 years two thousand fifteen through  two  thousand  [twenty-two]  TWENTY-
 THREE  eligible  dwelling  units in property whose average unit assessed
 value is more than fifty thousand dollars, but less  than  or  equal  to
 fifty-five  thousand  dollars,  shall receive a partial abatement of the
 real property taxes attributable to or due on  such  dwelling  units  of
 twenty-five and two-tenths percent.
   (d-3)  In  the  fiscal years commencing in calendar years two thousand
 twelve, two thousand thirteen and two thousand fourteen, eligible dwell-
 ing units in property whose average unit assessed  value  is  more  than
 fifty-five  thousand  dollars,  but less than or equal to sixty thousand
 dollars, shall receive a partial abatement of the  real  property  taxes
 attributable  to  or due on such dwelling units of twenty percent, twen-
 ty-one and two-tenths percent, and twenty-two  and  five-tenths  percent
 respectively. In the fiscal years commencing in calendar years two thou-
 sand  fifteen  through  two  thousand [twenty-two] TWENTY-THREE eligible
 dwelling units in property whose average unit  assessed  value  is  more
 than  fifty-five thousand dollars, but less than or equal to sixty thou-
 sand dollars, shall receive a partial abatement  of  the  real  property
 taxes  attributable  to  or due on such dwelling units of twenty-two and
 five-tenths percent.
   (d-4) In the fiscal years commencing in calendar  years  two  thousand
 twelve through two thousand [twenty-two] TWENTY-THREE, eligible dwelling
 units  in  property whose average unit assessed value is more than sixty
 thousand dollars shall receive a partial abatement of the real  property
 taxes  attributable  to  or  due on such dwelling units of seventeen and
 one-half percent.
   § 4. Paragraph (a) of subdivision 3 of section 467-a of the real prop-
 erty tax law, as amended by chapter 184 of the laws of 2021, is  amended
 to read as follows:
   (a)  An  application for an abatement pursuant to this section for the
 fiscal year commencing in  calendar  year  nineteen  hundred  ninety-six
 shall  be  made  no  later than the fifteenth day of September, nineteen
 hundred ninety-six. An application for an  abatement  pursuant  to  this
 section for the fiscal year commencing in calendar year nineteen hundred
 ninety-seven  shall  be made no later than the first day of April, nine-
 teen hundred ninety-seven. An application for an abatement  pursuant  to
 this  section  for  the fiscal year commencing in calendar year nineteen
 hundred ninety-eight shall be made no later than the first day of April,
 nineteen hundred ninety-eight. An application for an abatement  pursuant
 to this section for the fiscal year commencing in calendar year nineteen
 hundred  ninety-nine  shall  be made in accordance with this subdivision
 and subdivision three-a of this section. An application for an abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two thousand shall be made no later than the fifteenth day of  February,
 two  thousand.  An application for an abatement pursuant to this section
 for the fiscal year commencing in calendar year two thousand  one  shall
 be  made  in accordance with this subdivision and subdivision three-b of
 this section. An application for an abatement pursuant to  this  section
 for  the  fiscal year commencing in calendar year two thousand two shall
 be made no later than the fifteenth day of February, two  thousand  two.
 An  application for an abatement pursuant to this section for the fiscal
 year commencing in calendar year two thousand three  shall  be  made  no
 S. 2887--A                          4
 
 later  than the fifteenth day of February, two thousand three. An appli-
 cation for an abatement pursuant to this section  for  the  fiscal  year
 commencing  in  calendar year two thousand four shall be made in accord-
 ance  with  this subdivision and subdivision three-c of this section. An
 application for an abatement pursuant to this  section  for  the  fiscal
 year  commencing  in  calendar  year  two thousand five shall be made no
 later than the fifteenth day of February, two thousand five. An applica-
 tion for an abatement pursuant to  this  section  for  the  fiscal  year
 commencing in calendar year two thousand six shall be made no later than
 the  fifteenth  day of February, two thousand six. An application for an
 abatement pursuant to this section for the  fiscal  year  commencing  in
 calendar  year  two  thousand  seven  shall  be  made  no later than the
 fifteenth day of February, two thousand seven. An application for abate-
 ment pursuant to this section for the fiscal year commencing in calendar
 year two thousand eight shall be made in accordance with  this  subdivi-
 sion  and  subdivision  three-d  of  this section. An application for an
 abatement pursuant to this section for the  fiscal  year  commencing  in
 calendar  year  two  thousand  nine  shall  be  made  no  later than the
 fifteenth day of February, two thousand  nine.  An  application  for  an
 abatement  pursuant  to  this  section for the fiscal year commencing in
 calendar year two thousand ten shall be made no later than the fifteenth
 day of February, two thousand  ten.  An  application  for  an  abatement
 pursuant to this section for the fiscal year commencing in calendar year
 two  thousand  eleven  shall  be made no later than the fifteenth day of
 February, two thousand eleven. An application for an abatement  pursuant
 to  this  section  for the fiscal years commencing in calendar years two
 thousand twelve and two thousand thirteen shall be  made  in  accordance
 with  subdivision  three-e  of  this section. The date or dates by which
 applications for an abatement pursuant to this section shall be made for
 the fiscal years beginning  in  calendar  years  two  thousand  fourteen
 through  two  thousand [twenty-two] TWENTY-THREE shall be established by
 the commissioner of finance by rule, provided that such  date  or  dates
 shall  not be later than the fifteenth day of February for such calendar
 years.
   § 5. For fiscal years commencing in calendar years 2022 and after, the
 New York city department of finance shall reallocate the monies used  to
 provide  the partial tax abatement for residential real property held in
 the cooperative or condominium form  of  ownership  for  dwelling  units
 whose  billable assessed value is two hundred thousand dollars or great-
 er, which are now ineligible for such tax abatement pursuant to  section
 one of this act, to be deposited in a special account in the name of the
 New  York city housing authority.  Payment from such account shall be on
 the authorization of the commissioner of the department of housing pres-
 ervation and development.
   § 6. This act shall take effect immediately.

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Senate Bill S2887A

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Sponsored By

Brian Kavanagh

Archive: Last Bill Status - In Senate Committee Cities 1 Committee

Bill Amendments

co-Sponsors

Julia Salazar

2021-S2887 - Details

2021-S2887 - Summary

2021-S2887 - Sponsor Memo

2021-S2887 - Bill Text download pdf

co-Sponsors

Julia Salazar

2021-S2887A (ACTIVE) - Details

2021-S2887A (ACTIVE) - Summary

2021-S2887A (ACTIVE) - Sponsor Memo

2021-S2887A (ACTIVE) - Bill Text download pdf

Comments