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Sponsors
1 Co-sponsor
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 certain property held in cooperative form as class one properties for assessment purposes
In Assembly Committee · Real Property Taxation · Sponsor David Weprin
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S3982
Title of bill
An act to amend the real property tax law, in relation to classifying certain cooperative and condominium properties as class one properties for assessment purposes
Purpose
This legislation would classify owner occupied co-ops and condominiums as "class one" properties. This will reduce the property tax rates of coop and condo owners, who face significantly higher property taxes than their neighbors in single family homes. At the same time, it retains the "class two" property status for those co-ops and condos used as investment or rental properties.
Summary of provisions
Section 1. Paragraph class one of section 1802 of the real property tax law, as amended by chapter 332 of the laws of 2008, is amended to remove restrictions against co-ops and condominiums being classified as class one properties, so long as they are owner occupied.
§ 2.This act shall take effect on the first of January next succeeding that date on which it shall become law.
Justification
Citizens residing in class two properties, i.e. co-ops and condos, face much higher property tax rates than those living in single family homes. People should not be punished with excessive taxes simply because they choose to own a home in a building with multiple dwellings, rather than a single family home
Legislative history
2012: S.4372 - Referred to Local Government / A.6848 - Referred to Real Property Taxation
2011: S.4372 - Referred to Local Government A.6648 - Referred to Real Property Taxation
Fiscal implications
This bill will reduce property tax revenue from owner-occupied co-ops and condos.
Effective date
This act shall take effect on the first of January next succeeding that date on which it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.