senate Bill S2887

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Cities 1 Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
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

Co-Sponsors

S2887 - Details

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

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.

S2887 - Sponsor Memo

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.

Co-Sponsors

S2887A (ACTIVE) - Details

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

S2887A (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; 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.

S2887A (ACTIVE) - Sponsor Memo

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

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