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Senate Bill S4147

2021-2022 Legislative Session

Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings

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

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2021-S4147 (ACTIVE) - Details

See Assembly Version of this Bill:
A686
Current Committee:
Senate Cities 1
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-240.2, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2011-2012: S6572, A9466
2013-2014: S1866, A915
2015-2016: S3181, A1074
2017-2018: S5229, A338
2019-2020: S2946, A250
2023-2024: S1893

2021-S4147 (ACTIVE) - Summary

Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings.

2021-S4147 (ACTIVE) - Sponsor Memo

2021-S4147 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4147
 
                        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 Cities 1
 
 AN  ACT  to  amend  the  administrative code of the city of New York, in
   relation to rates of increase of assessed values of cooperative  units
   and condominiums

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The administrative code of the city of New York is  amended
 by adding a new section 11-240.2 to read as follows:
   §  11-240.2  ASSESSMENTS  FOLLOWING  TAX  CERTIORARI  SETTLEMENT.  THE
 ASSESSED VALUE OF REAL PROPERTY OWNED OR LEASED BY A COOPERATIVE  CORPO-
 RATION  OR  ON  A CONDOMINIUM BASIS SHALL INCREASE BY NO MORE THAN THREE
 PERCENT IN THE TWO YEARS FOLLOWING  THE  RESOLUTION  OF  TAX  CERTIORARI
 PROCEEDINGS ON SUCH PROPERTY.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03443-01-1

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