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A338Assembly2017-2018 SessionSame asS5229

Cap Property Tax Increases

Official title

“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”

Sponsor Edward BraunsteinAD-26+2 co-sponsorsAffects Housing
Status
In Assembly Committee
Housing
Impact
6/10
Moderate
Passage
0%

Bill progress

Step 2 of 7

In committee · Housing

What's happening

This bill limits assessed value increases for co-ops and condos to no more than three percent for two years after a tax certiorari settlement.

Why it matters

  1. Provides financial predictability for co-op and condo owners. by capping assessed value increases after a tax certiorari settlement, helping residents and boards plan for stable property tax expenses in the short term.

  2. Discourages abrupt tax hikes. that could otherwise occur immediately following a successful appeal or settlement, potentially protecting homeowners from sudden, unaffordable increases in their annual costs.

  3. May encourage more property owners to challenge unfair assessments. since they can be assured that any relief won won’t be quickly offset by large future increases, potentially leading to fairer overall property tax assessments in the city.

  4. Could impact city revenue projections. for two years after settlements, possibly influencing budget planning for local services that rely on property tax income.

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Who cares

Headline styles

Cap Property Tax Increases

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Edward Braunstein

Assembly Member · Assembly District 26

Chair, Corporations, Authorities and Commissions

History

  1. Referred to housing
  2. Referred to housing

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.

S5229Senate

Cap Condo Tax Increases

In Senate Committee · Cities · Sponsor Toby Ann Stavisky

Impact 5 · Moderate0% to pass

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

338

2017-2018 Regular Sessions

IN ASSEMBLY

January 5, 2017

Introduced by M. of A. BRAUNSTEIN, WEPRIN, DINOWITZ -- Multi-Sponsored by -- M. of A. SIMOTAS -- read once and referred to the Committee on Housing

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

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The administrative code of the city of New York is amended by adding a new section 11-240.2 to read as follows:

§ 11-240.2 Assessments following tax certiorari settlement. The assessed value of real property owned or leased by a cooperative corporation or on a condominium basis shall increase by no more than three percent in the two years following the resolution of tax certiorari proceedings on such property.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD01688-01-7

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.