S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4139
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2021
                                ___________
 
 Introduced by Sens. STAVISKY, LIU -- read twice and ordered printed, and
   when printed to be committed to the Committee on Local Government
 
 AN ACT to amend the real property tax law, in relation to limitations on
   assessed value for any parcel that is held in cooperative or condomin-
   ium forms of ownership

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 1805 of the real property tax  law  is  amended  by
 adding a new subdivision 7 to read as follows:
   7.  NOTWITHSTANDING  ANY  PROVISION  OF  LAW  TO  THE CONTRARY, IF THE
 ASSESSMENT APPEARING ON AN ASSESSMENT ROLL BEGINNING WITH THE ASSESSMENT
 ROLL COMPLETED THE SAME YEAR AS THE EFFECTIVE DATE OF  THIS  SUBDIVISION
 AND  FOR  EACH SUBSEQUENT ASSESSMENT ROLL FOR ANY PARCEL THAT IS HELD IN
 COOPERATIVE OR CONDOMINIUM FORMS  OF  OWNERSHIP,  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 ELEVEN  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
 ASSESSMENT ROLL: IN THE FIRST YEAR, EIGHT AND ONE-THIRD PERCENT; IN  THE
 SECOND  YEAR, SIXTEEN AND TWO-THIRDS PERCENT; IN THE THIRD YEAR, TWENTY-
 FIVE PERCENT; IN THE FOURTH YEAR, THIRTY-THREE AND ONE-THIRD PERCENT; IN
 THE FIFTH YEAR, FORTY-ONE AND TWO-THIRDS PERCENT;  IN  THE  SIXTH  YEAR,
 FIFTY  PERCENT;  IN THE SEVENTH YEAR, FIFTY-EIGHT AND ONE-THIRD PERCENT;
 IN THE EIGHTH YEAR, SIXTY-SIX AND TWO-THIRDS PERCENT; IN THE NINTH YEAR,
 SEVENTY-FIVE PERCENT; IN THE  TENTH  YEAR,  EIGHTY-THREE  AND  ONE-THIRD
 PERCENT; IN THE ELEVENTH YEAR, NINETY-ONE AND TWO-THIRDS PERCENT; AND IN
 THE  TWELFTH YEAR, ONE HUNDRED PERCENT. IF THE ASSESSMENT OF A PARCEL IS
 INCREASED DURING A PERIOD FOR WHICH  TRANSITION  ASSESSMENTS  HAVE  BEEN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD03428-01-1

 S. 4139                             2
 
 ESTABLISHED BECAUSE OF ANY PRIOR ASSESSMENT INCREASES, SUCH NEW INCREASE
 SHALL BE PHASED-IN OVER A TWELVE-YEAR PERIOD AS SET FORTH IN THIS SUBDI-
 VISION,  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 ASSESSMENT EXCEEDS  THE
 ACTUAL  ASSESSMENT  FOR SUCH YEAR, TAXES IMPOSED ON SUCH PARCEL FOR SUCH
 YEAR SHALL BE BASED ON SUCH LESSER  ACTUAL  ASSESSMENT.  NOTWITHSTANDING
 THE  FOREGOING, DURING THE PERIOD OF ANY SUCH TRANSITION, THE ASSESSMENT
 ROLL SHALL CONTAIN AN ENTRY OF THE FULL AMOUNT OF SUCH  GREATER  ASSESS-
 MENT  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, ARTICLE TWELVE-A
 AND  ARTICLE  TWELVE-B  OF  THIS CHAPTER, THE COMMISSIONER SHALL USE THE
 TRANSITION ASSESSMENTS AS PROVIDED FOR IN THIS SUBDIVISION IN ITS DETER-
 MINATIONS, OR WHERE THE ACTUAL ASSESSMENT IS  THE  LESSER,  SUCH  ACTUAL
 ASSESSMENT SHALL BE SO USED.
   §  2. This act shall take effect on the first of January next succeed-
 ing the date on which it shall have become a  law  and  shall  apply  to
 assessment rolls prepared pursuant to a taxable status date occurring on
 or  after  such  date.  Effective  immediately,  the addition, amendment
 and/or repeal of any rule or regulation necessary for the implementation
 of this act on  its  effective  date  are  authorized  to  be  made  and
 completed on or before such effective date.