Assembly Bill A2968

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

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.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.