|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 26, 2021||referred to cities 1|
senate Bill S2887
Current Bill Status - In Senate Committee Cities Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2887 (ACTIVE) - Details
S2887 (ACTIVE) - 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 and 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.
S2887 (ACTIVE) - 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.
S2887 (ACTIVE) - 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.
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