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History
- Print number 7091a
- Amend (t) and recommit to local government
- Referred to local government
Full text
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Sponsor's memo
BILL NUMBER:S7091A
Title of bill
An act to amend the real property tax law, in relation to partial abatement of real property taxes; and to amend the real property tax law, in relation to exemption from taxation of alterations and improvements to multiple dwellings
Purpose
To extend for four years a real property tax abatement program for cooperative and condominium units in cities of one million or more, to address the inequitable tax treatment of co-op and condo owners.
Summary of provisions
Section one amends paragraph (c) of subdivision 2 of section 467-a of the Real Property Tax Law to extend for four years a 25% partial real property tax abatement for cooperative and condominium units assessed at $15,000 or less. Section two amends paragraph (d) of subdivision 2 of section 467-a of the Real Property Tax. Law to extend for four years the current 17.5% partial property tax abatement for cooperative and condominium units assessed at greater than $15,000. Section three amends paragraphs (a) and (c) of subdivision 3 of section 467-a to set deadlines for abatement applications by eligible unit owners and provide for extension of filing deadlines. Section four amends subdivision 3 of section 467-a to extend provisions regarding the use of information returns as tax abatement applications. Section five amends section 467-a of the Real Property Tax Law to add a new subdivision 3-e to set procedures for applications for abatements. Section six requires the city of New York to present a plan to the Legislature, no later than February 1, 2016, containing recommendations to address the disparity in real property taxation between residential real property in class one and residential real property in class two held in the cooperative condominium form of ownership. Section nine is the effective date.
Justification
It is well established that the real property tax system in New York City burdens owners of co-op and condominium units with significantly larger tax bills than the owners of comparably valued one-, two- and three-family homes. Recognizing this inequity, New York State authorized-- and the City of New York implemented -- a partial property tax abatement program for co-op and condo owners since 1996, which was extended through 2011. While the abatement is no substitute for the long-overdue reform of tax policy to correct this inequity, extending the current abatement program will at least continue the current level of relief for hundreds of thousands of New York City co-op and condo owners. The report required by section six will require the city of New York to lay the groundwork for an overhaul of the tax system in order to bring fairness to co-op and condo owners.
Legislative history
New bill. Similar legislation has been adopted since 1996.
Fiscal implications
None to the state
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.