What's happening
This bill allows municipalities to opt out of special property tax assessment methods for co-ops and condos, with exceptions for properties already receiving such benefits before 2021.
Why it matters
Shifts more local control to municipalities. The bill empowers local governments and school districts to decide whether or not to use special property tax assessment methods for co-ops and condos, which could lead to significant differences in property tax policies and rates across regions.
Potential for increased property taxes for some homeowners. If a municipality opts out of the special assessment methods, co-op and condo owners in those areas could see their property taxes increase to reflect market value assessments, potentially making homeownership more expensive for these groups.
Grandfathering protects current beneficiaries. Properties that were already benefiting from the special assessment methods before January 1, 2021, are protected from changes, providing stability and predictability for current co-op and condo owners, but creating a split system for newer properties.
Could impact local housing markets. Changes in tax treatment for co-ops and condos may influence housing affordability, investment, and development patterns, possibly making some areas less attractive for new co-op or condo projects depending on local tax policy decisions.
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
Change Co-op Property Tax Rules
Plain English, a few words. Used as the page title.
Sponsors
14 Co-sponsors
1 Multi-sponsor
History
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.147
- Rules report cal.147
- Reported
- Reported referred to rules
- Print number 2874a
- Amend and recommit to ways and means
- Referred to ways and means
- Reported referred to ways and means
- Referred to real property taxation
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.
Change Co-op Property Tax Rules
In Senate Committee · Rules · Sponsor Betty Little
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2874--A
2017-2018 Regular Sessions
IN ASSEMBLY
January 23, 2017
Introduced by M. of A. GALEF, STEC -- read once and referred to the Committee on Real Property Taxation -- reported and referred to the Committee on Ways and Means -- recommitted to the Committee on Ways and Means in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the real property tax law and the real property law, in relation to the taxation of property owned by a cooperative corporation
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 1 of section 581 of the real property tax law is amended by adding a new paragraph (d) to read as follows:
(d) The provisions of paragraph (a) of this subdivision shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis in a municipal corporation, other than a special assessing unit, which has adopted, prior to the taxable status date of the assessment roll upon which its taxes will be levied, a local law or, for a school district, a resolution providing that the provisions of paragraph (a) of this subdivision shall not apply to such real property within that municipal corporation; provided, however, the provisions of this paragraph shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis that had been previously subject to the provisions of paragraph (a) of this subdivision prior to January first, two thousand twenty-one.
§ 2. Subdivision 1 of section 339-y of the real property law is amended by adding a new paragraph (g) to read as follows:
(g) The provisions of paragraph (b) of this subdivision shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis in a municipal corporation other than a special assessing unit, which has adopted, prior to the taxable status date of
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00033-05-8
A. 2874--A 2
the assessment roll upon which its taxes will be levied, a local law or, for a school district, a resolution providing that the provisions of paragraph (b) of this subdivision shall not apply to such real property within that municipal corporation; provided, however, the provisions of this paragraph shall not apply to real property owned or leased by a cooperative corporation or on a condominium basis that had been previously subject to the provisions of paragraph (b) of this subdivision prior to January first, two thousand twenty-one.
§ 3. This act shall take effect immediately and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after January 1, 2021.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.