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Sponsors
3 Co-sponsors
History
- Referred to cities
- Print number 5468a
- Amend and recommit to cities
- Referred to cities
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 partial tax abatement for residential real property held in the cooperative or condominium form of ownership in New York City
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:S5468A
Title of bill
An act to amend the real property tax law, in relation to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more
Summary of provisions
This bill would extend for three years the partial abatement of real property taxes available to certain dwelling units held in the condominium or cooperative forms of ownership in New York City. It would also authorize the Commissioner of Finance of such city to provide by rule that applications be submitted by dwelling unit owners instead of, or in addition to, applications submitted the board of managers of a condominium or board of directors of a cooperative apartment corporation and to provide by rule that applications are not required to be filed on an annual basis.
Justification
Since 1996 the City of New York has offered, with State authorization, a partial property tax abatement program for co-op and condo owners. The program was established to address inequities in the real property tax system in New York City that creates a higher tax burden on co-ops and condominiums than on comparably valued one-, two- and three-family homes. The original intent of the program was to ensure equity to those coop and condo owners who primarily reside in New York City. This bill extends the program for three additional years, continuing to offer the program to primary residents. In addition, it allow the Department of Finance to promulgate rules that would allow for unit holders to apply for the benefit directly if their building already receives the benefit.
The Department would verify primary residency directly, and unit holders would apply for the co-op/condo abatement just as they apply for all other personal homeowner's benefits.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
Legislative history
This is a new bill.
Fiscal implications
None.
Effective date
This bill shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.