Senate Bill S6834

2021-2022 Legislative Session

Relates to assessments of residential cooperative, condominium and rental property

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government 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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2021-S6834 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §581, RPT L
Versions Introduced in 2023-2024 Legislative Session:
S2959

2021-S6834 (ACTIVE) - Summary

Relates to assessments of residential cooperative, condominium and rental property; defines the term "the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis".

2021-S6834 (ACTIVE) - Sponsor Memo

2021-S6834 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6834
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               May 19, 2021
                                ___________
 
 Introduced  by Sen. KAVANAGH -- 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 assessments of
   residential cooperative, condominium and rental property
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  581  of  the real property tax law is amended by
 adding a new subdivision 5 to read as follows:
   5. FOR THE PURPOSES OF THIS SECTION, THE TERM  "THE  ASSESSMENT  WHICH
 WOULD  BE PLACED UPON SUCH PARCEL WERE THE PARCEL NOT OWNED OR LEASED BY
 A COOPERATIVE CORPORATION OR  ON  A  CONDOMINIUM  BASIS"  SHALL  NOT  BE
 CONSTRUED  TO  REQUIRE  REAL  PROPERTY  OWNED OR LEASED BY A COOPERATIVE
 CORPORATION OR ON A CONDOMINIUM BASIS TO BE  ASSESSED  FOR  PURPOSES  OF
 THIS CHAPTER BASED ON THE INCOME THAT WOULD BE GENERATED BY REAL PROPER-
 TY OCCUPIED FOR RESIDENTIAL PURPOSES ON A RENTAL BASIS (AS DISTINCT FROM
 A COOPERATIVE OR CONDOMINIUM BASIS) OR BASED UPON SUCH PROPERTY OCCUPIED
 ON  A  RENTAL  BASIS THAT IS DEEMED OTHERWISE COMPARABLE TO THE PROPERTY
 OWNED OR LEASED BY A COOPERATIVE CORPORATION OR ON A  CONDOMINIUM  BASIS
 THAT IS TO BE ASSESSED.
   § 2. This act shall take effect on the one hundred eightieth day after
 it  shall have become a law and shall apply to assessment rolls prepared
 on the basis of taxable status dates occurring on or after the first  of
 January  next  succeeding the date on which this act shall have become a
 law.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11564-01-1



              

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