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Assembly Bill A2968

2023-2024 Legislative Session

Relates to the assessment of certain residential cooperative, condominium and rental property

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Archive: Last Bill Status - In Assembly Committee

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2023-A2968 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Real Property Tax Law
Laws Affected:
Amd §581, RPT L; amd §339-y, RP L
Versions Introduced in 2021-2022 Legislative Session:
A7608

2023-A2968 (ACTIVE) - Summary

Provides that the assessment of residential cooperatives, condominiums and rental property shall not apply to certain condominiums unless such condominiums are participating in an affordable housing tax credit program or has a regulatory agreement.

2023-A2968 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2968
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 1, 2023
                                ___________
 
 Introduced  by M. of A. WALLACE -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN ACT to amend the real property tax law and the real property law,  in
   relation  to the assessment of certain residential cooperative, condo-
   minium and rental property

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 1 of section 581 of the real property tax law
 is amended by adding a new paragraph (e) to read as follows:
   (E) THE PROVISIONS OF PARAGRAPH (A)  OF  THIS  SUBDIVISION  SHALL  NOT
 APPLY  TO  A  DWELLING  UNIT  HELD IN THE CONDOMINIUM FORM OF OWNERSHIP,
 WHICH DOES NOT HAVE ATTACHED WALLS WITH ANOTHER SUCH DWELLING UNIT, IN A
 MUNICIPAL CORPORATION, UNLESS SUCH DWELLING UNIT IS PARTICIPATING IN  AN
 AFFORDABLE HOUSING TAX CREDIT PROGRAM OR HAS A REGULATORY AGREEMENT WITH
 A FEDERAL, STATE, OR LOCAL AGENCY RELATED TO AFFORDABLE HOUSING REQUIRE-
 MENTS;  PROVIDED,  HOWEVER,  THE  PROVISIONS OF THIS PARAGRAPH SHALL NOT
 APPLY TO DWELLING UNITS HELD IN THE CONDOMINIUM FORM OF  OWNERSHIP  THAT
 HAD  BEEN  PREVIOUSLY SUBJECT TO THE PROVISIONS OF PARAGRAPH (A) OF THIS
 SUBDIVISION  PRIOR TO JANUARY FIRST, TWO THOUSAND TWENTY-FIVE.
   § 2. Subdivision 1 of section  339-y  of  the  real  property  law  is
 amended by adding a new paragraph (h) to read as follows:
   (H)  THE  PROVISIONS  OF  PARAGRAPH  (B) OF THIS SUBDIVISION SHALL NOT
 APPLY TO A DWELLING UNIT HELD IN  THE  CONDOMINIUM  FORM  OF  OWNERSHIP,
 WHICH DOES NOT HAVE ATTACHED WALLS WITH ANOTHER SUCH DWELLING UNIT, IN A
 MUNICIPAL  CORPORATION, UNLESS SUCH DWELLING UNIT IS PARTICIPATING IN AN
 AFFORDABLE HOUSING TAX CREDIT PROGRAM OR HAS A REGULATORY AGREEMENT WITH
 A FEDERAL, STATE, OR LOCAL AGENCY RELATED TO AFFORDABLE HOUSING REQUIRE-
 MENTS; PROVIDED, HOWEVER, THE PROVISIONS OF  THIS  PARAGRAPH  SHALL  NOT
 APPLY  TO  DWELLING UNITS HELD IN THE CONDOMINIUM FORM OF OWNERSHIP THAT
 HAD BEEN PREVIOUSLY SUBJECT TO THE PROVISIONS OF PARAGRAPH (B)  OF  THIS
 SUBDIVISION PRIOR TO JANUARY FIRST, TWO THOUSAND TWENTY-FIVE.
   § 3. This act shall take effect immediately and shall apply to assess-
 ment rolls prepared on the basis of taxable status dates occurring on or
 after January 1, 2025.

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