What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Print number 3181a
- Amend and recommit to housing, construction and community development
- Referred to housing, construction and community development
- Referred to housing, construction and community development
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.
Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings
In Assembly Committee · Housing · Sponsor Edward Braunstein
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the administrative code of the city of New York, in relation to rates of increase of assessed values of cooperative units and condominiums
Purpose or general idea of bill
The purpose of this bill is to provide that the assessed values of cooperative units and condominiums shall not increase by no more than three percent in the two years following resolution of tax certiorari proceedings.
Summary of specific provisions
Section 1 will add section 11-240.2 to the administrative code of the city of New York. This would require that the assessed value of real property owned or leased by a cooperative corporation or condominium basis shall increase by no more than three percent in the two years following the resolution of tax certiorari proceedings on such property.
Section 2 contains the effective date.
Justification
Every year, the New York City Department of Finance reaches settlements with co-op and condominium boards to reduce initial property tax assessments. Co-ops and condominiums incur large legal expenses representing themselves in tax certiorari proceedings. Capping tax assessment increases at 3% in the two years following a settlement would prevent co-op and condominium boards from bearing the financial burden of these proceedings in consecutive years.
Prior legislative history
Previously introduced.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.