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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to local government
- Print number 4790a
- Amend and recommit 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 limiting the increase in real property tax assessments on residential cooperatives and condominiums
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:S4790A
Title of bill
An act to amend the real property tax law, in relation to limiting the increase in real property tax assessments on residential cooperatives and condominiums; and providing for the repeal of such provisions upon expiration thereof
Purpose or general idea of bill
To limit property tax increases in co-ops and condos to six percent prior to re-evaluation of assessments.
Summary of specific provisions
Section 1805 of the real property tax law is amended by adding a new subdivision 7.
Justification
The City of New York Department of Finance has re-assessed co-ops and condos, many by as much as fifty percent. A one year moratorium is needed to study this issue and prepare fair assessments. The DOF has admitted computer glitches occurred making errors in many assessments. In addition, the comparable rental housing comparison required of all co-ops built prior to 1974 is faulty and needs review. This measure provides relief from the May 25, 2011 deadline mandated by the NYC Charter for its July 2011 budget.
Prior legislative history
New bill in 2011.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately but sunsets one year from its enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.