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History
- Referred to local government
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to classifying property held in cooperative form for assessment purposes as class one
In Assembly Committee · Real Property Taxation · Sponsor Edward Braunstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4283
Title of bill
An act to amend the real property tax law, in relation to classifying properties held in cooperative form for assessment purposes as class one properties
Purpose or general idea of bill
To reclassify cooperative and condominium units from class two property which is assessed as income producing property to class one property which is assessed as single family homes.
Summary of specific provisions
Paragraph class one of subdivision 1 of section 1802 of the real property tax law, as amended by chapter 332 of the laws of 2008 is amended to include cooperative or condominium form of ownership in class one.
Justification
In cooperative housing, the owners own shares in the corporation that owns the housing. For example, a housing complex with 100 units is similar to 100 single family homes.
In condominia housing, people own individual units. It is a collection of individual units and includes the land and common areas. In both condos and co-ops, the structures are more similar to one and two family homes than to rental properties because of the form of ownership. Accordingly, co-ops and condos should be classified with homeownership rather than income producing property.
Prior legislative history
New bill in 2011.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall Apply to assessment roles prepared on the basis of taxable status dates occurring on or after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.