What's happening
This bill phases in increases to property tax assessments for cooperatives and condominiums over twelve years instead of all at once.
Why it matters
Helps prevent sudden spikes in property taxes for co-op and condo owners. By phasing in assessment increases over twelve years, the bill shields residents from abrupt, potentially unaffordable tax hikes that could otherwise occur in a single year.
Provides greater financial predictability for homeowners and boards. The gradual transition allows co-op and condo owners—who often operate with tight annual budgets—to better plan for future expenses, reducing the risk of unexpected assessment fees or financial strain.
Ensures fairness in state tax equalization processes. The bill requires both the full increased assessment and the transitional (phased-in) value to be recorded, ensuring that state calculations for tax fairness and allocation remain accurate without penalizing property owners during the transition period.
Applies to future increases and compounds them gradually. If further assessment increases occur while an initial phase-in is underway, each new increase is also phased in over twelve years and added to prior transitions, preventing compounded tax shocks in any single year.
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
Co-op shareholders and condominium owners
The bill would phase in assessment increases on their properties over 12 years, with taxes based on the actual assessment whenever it is lower than the transition assessment.
Local property assessors
Assessors would calculate overlapping 12-year phase-ins for successive increases and record the full assessment alongside the transition assessment.
State tax officials
The commissioner would use full assessments to determine class ratios but transition assessments, or lower actual assessments, to establish the specified equalization rates and ratios.
Headline styles
Phase-In Condo Tax Increases
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 26
No co-sponsors yet.
History
- Referred to real property taxation
- 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.
Phase-In Condo Tax Increases
In Senate Committee · Local Government · Sponsor Toby Ann Stavisky
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
227
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
Introduced by M. of A. BRAUNSTEIN -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to limitations on assessed value for any parcel that is held in cooperative or condominium forms of ownership
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 1805 of the real property tax law is amended by adding a new subdivision 7 to read as follows:
7. Notwithstanding any provision of law to the contrary, if the assessment appearing on an assessment roll beginning with the assessment roll completed the same year as the effective date of this subdivision and for each subsequent assessment roll for any parcel that is held in cooperative or condominium forms of ownership, is greater than the assessment appearing on the previous year's assessment roll the assessor shall determine a transition assessment for such parcel for the first assessment roll on which such greater assessment appears and for each of the succeeding eleven assessment rolls by computing the difference between such greater assessment and the assessment appearing on such previous year's assessment roll and adding the following percentages of such difference to the assessment appearing on such previous year's assessment roll: in the first year, eight and one-third percent; in the second year, sixteen and two-thirds percent; in the third year, twentyfive percent; in the fourth year, thirty-three and one-third percent; in the fifth year, forty-one and two-thirds percent; in the sixth year, fifty percent; in the seventh year, fifty-eight and one-third percent; in the eighth year, sixty-six and two-thirds percent; in the ninth year, seventy-five percent; in the tenth year, eighty-three and one-third percent; in the eleventh year, ninety-one and two-thirds percent; and in the twelfth year, one hundred percent. If the assessment of a parcel is
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02674-01-9
A. 227 2
increased during a period for which transition assessments have been established because of any prior assessment increases, such new increase shall be phased-in over a twelve-year period as set forth in this subdivision, and such phased-in increases shall be added to the transitional assessments previously established for the prior increase; provided, however, that if in any year any such transition assessment exceeds the actual assessment for such year, taxes imposed on such parcel for such year shall be based on such lesser actual assessment. Notwithstanding the foregoing, during the period of any such transition, the assessment roll shall contain an entry of the full amount of such greater assessment which shall be used by the commissioner in its determination of class ratios pursuant to paragraph (b) of subdivision one of section twelve hundred two of this chapter. In establishing state equalization rates, class equalization rates, special state equalization rates and special state equalization ratios under article twelve, article twelve-A and article twelve-B of this chapter, the commissioner shall use the transition assessments as provided for in this subdivision in its determinations, or where the actual assessment is the lesser, such actual assessment shall be so used.
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law and shall apply to assessment rolls prepared pursuant to a taxable status date occurring on or after such date. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized to be made and completed on or before such effective date.
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.