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Who cares
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Sponsors
1 Co-sponsor
History
- Referred to local government
- Referred to rules
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 the limitation on increases of assessed value of certain individual class two properties
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:S5919
Title of bill
An act to amend the real property tax law, in relation to the real property tax cap and certain class two properties
Purpose or general idea of bill
The purpose of the bill is to limit the increases of assessed value of certain individual class two properties.
Summary of provisions
Section 1 of the bill amends section subdivision 2 of section 1805 of the real property tax law, to include parcels with an assessed valuation of less than seventy-five thousand dollars as eligible for the property tax cap created by this section.
Section 2 of the bill provides that this act shall take effect immediately.
Justification
As a lack of affordable housing grows every year within New York City, middle-income and affordable housing has become ever more vital, Few middle-income condo and co-op owners are able to take advantage of the same protections available to owners of other types of housing However, for many, coops and condos are the best option for affordable housing
In order to protect these affordable housing units, this bill would allow housing units that are valued under seventy-five thousand dollars to be eligible for the property tax cap, in addition to those coops with less than eleven units that are already eligible.
Prior legislative history
None,
Fiscal implications for state and local governments
None.
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.