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- Referred to cities
- Print number 4998a
- Amend and recommit to cities
- Referred to cities
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Sponsor's memo
BILL NUMBER:S4998A
Title of bill
An act to amend the real property tax law, in relation to a partial abatement of real property taxes for condominiums and cooperatives in a city having a population of one million or more
Purpose
To extend for five 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
Extends the abatement program for five additional years (for FY commencing 2015, 2016, 2017, 2018, 2019). Paragraphs d-1 through d-4 provide the benefit schedule for dwelling units that serve as the primary residence of their unit owner and up to two additional units located within the same property that are also owned by such owner.
The benefits are as follows:
o For fiscal years commencing in 2015, 2016, 2017, 2018, 2019, dwelling units in property whose average unit assessed value is less than or equal to $50,000 shall receive a partial abatement of 28.1%.
o In fiscal years commencing in 2015, 2016, 2017, 2018, 2019, dwelling units in property whose average unit assessed value is more than $50,000, but less than or equal to $55,000, shall receive a partial abatement 25.2%
o In fiscal years commencing in 2015,2016,2017,2018,2019 dwelling units in property whose average unit assessed value is more than $55,000, but less than or equal to $60,000, shall receive a partial abatement of 22.5%.
o In fiscal years commencing in 2015, 2016, 2017, 2018, 2019, dwelling units in property whose average unit assessed value is more than $60,000, shall receive a partial abatement of 17.5%
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 owner's since 1996. which was extended through 2014. 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.
Legislative history
Similar legislation has been adopted since 1996, most recently S.7091 in 2012
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.