What's happening
This bill limits assessed value increases for co-ops and condominiums to no more than 3% for two years after tax certiorari settlements.
Why it matters
Provides financial predictability for co-op and condo owners. By capping assessed value increases at 3% for two years after a tax certiorari settlement, owners can better anticipate their property tax burden, potentially making budgeting and financial planning easier for both individuals and building boards.
Discourages immediate large tax increases post-settlement. Municipalities sometimes sharply increase property assessments after a successful tax challenge (“certiorari”), potentially negating the financial benefit of the settlement. This bill prevents such rapid escalation, ensuring the relief granted isn’t quickly undone.
May encourage more properties to challenge unfair tax assessments. Owners who might have been reluctant to file certiorari cases due to fear of a swift rebound in their assessments may now be more willing to pursue settlements, potentially leading to broader scrutiny and correction of over-assessments in the city.
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Who cares
Headline styles
Cap Condo Tax Increases
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred 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.
Cap Property Tax Increases
In Assembly Committee · Housing · Sponsor Edward Braunstein
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5229
2017-2018 Regular Sessions
IN SENATE
March 16, 2017
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Cities
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.
Sponsor's memo
Title of bill
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
Purpose or general idea of bill
The purpose of this bill is to provide that the assessed values of cooperative units and condominiums shall not increase by no more than three percent in the two years following resolution of tax certiorari proceedings.
Summary of specific provisions
Section 1 will add section 11-240.1 to administrative code of the city of New York. This would require that the assessed value of real property owned or leased by a cooperative corporation or condominium basis shall increase by no more than three percent in the two years following the resolution of tax certiorari proceedings on such property.
Section 2 contains the effective date.
Justification
Every year, the New York City Department of Finance reaches settlements with co-op and condominium boards to reduce initial property tax assessments. Co-ops and condominiums incur large legal expenses representing themselves in tax certiorari proceedings. Capping tax assessment increases at 3% in the two years following a settlement would prevent co-op and condominium boards from bearing the financial burden of these proceedings in consecutive years.
Prior legislative history
Previously introduced.
Fiscal implications
To be determined.
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.