What's happening
This bill allows municipalities and school districts to opt out of special property tax assessment methods for co-ops and condos, except for properties already assessed that way before 2021.
Why it matters
Empowers local governments and school districts. to decide how co-op and condo properties are assessed for property taxes, potentially allowing them to adopt assessment methods more tailored to local needs and priorities rather than being bound by a uniform state standard.
Could lead to higher or lower property taxes. for co-op and condo owners, depending on whether a municipality or school district opts out of the special assessment method, impacting housing affordability and local real estate markets.
Protects existing co-ops and condos. that were already assessed under the special method before 2021, ensuring their tax treatment does not change retroactively and providing stability for current owners and investors.
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
Senator · Senate District 45
2 Co-sponsors
History
- Recommitted to rules
- Ordered to third reading cal.1816
- Committee discharged and committed to rules
- Print number 1191b
- Amend and recommit to local government
- Referred to local government
- Print number 1191a
- Amend and recommit to local government
- Referred to local government
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 Sandy Galef
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1191--B
2017-2018 Regular Sessions
IN SENATE
January 6, 2017
Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- recommitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00033-04-8
S. 1191--B 2
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 (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.
Sponsor's memo
Title of bill
An act to amend the real property tax law and the real property law, in relation to the taxation of property owned by a cooper- ative corporation
Purpose
To allow a municipal corporation to pass a local law or resolution that would make the provisions of paragraph (a) of subdivision 581 of the real property tax law not apply to real property, owned or leased by a cooperative corporation on a condominium basis, that is converted or constructed on and after January 1, 2021.
Summary of provisions
Section 1 adds paragraph (d) to section 581 of the real property tax law, allowing municipal corporations to remove the limitations in that section on assessments on condominiums and cooperatives converted or constructed on and after January 1, 2021 in all municipal corporations, except New York City and Nassau County.
Section 2 adds paragraph (g) to section 339-y of the real property law allowing municipal corporations to remove the limitations in that section on assessments on condominiums and cooperative converted or constructed on and after January 1, 2021 in any municipal corporations except New York City and Nassau County.
Section 3 Contains effective date
Justification
As currently written, the real property tax law and real property law does not allow the sum of the assessments of individual cooperative or condominium units to exceed the value of the entire complex if it was valued as a single entity. The restriction tends to reduce condominium and cooperative assessments by preventing the use of sales of units in the assessment process. The Office of Real Property Services, assessors and other local officials generally consider the restrictions an unrea- sonable state mandate which unfairly limits the revenue-raising abili- ties of local governments. Assessors and appraisers also Cite the diffi- culties they encounter when they are forced to ignore market information--usually the best indicator of value--in developing esti- mates of taxable value. This bill would allow municipal corporations to value newly constructed and converted cooperative and condominium units as they would other real property to alleviate any negative impacts placed on the locality by the current statute.
Legislative history
2015-2016: S.618-A Recommitted to Local Government; A.5484-A Referred to Ways & Means 2013-2014: S.1000 Referred to Local Governments; A.682 Referred to Ways & Means 2011-12: S.546 Referred to Local Governments; A.4981 Ways & Means 2009-10: S.255 Referred to Local Government; A.5724 Ways & Means 2008: S.7727 3rd Reading: A.10730 Ways & Means
Fiscal implications
To be determined.
Local fiscal implications
To be determined.
Effective date
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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.