What's happening
This bill allows municipalities and school districts to opt out of special property tax assessment methods for cooperatives and condominiums, except for properties already assessed under those rules before 2021.
Why it matters
Shifts local control. This bill gives municipalities and school districts the authority to choose whether to use special property tax assessment methods for co-ops and condos, increasing local decision-making power over how these properties are taxed.
Could impact tax fairness. By allowing opt-outs, some areas might assess co-ops and condos like other residential properties, which may lead to higher taxes for those property owners and potentially reduce perceived tax advantages for this type of housing.
Protects existing arrangements. Properties already assessed under the old rules before January 1, 2021, are "grandfathered in," providing stability for current owners and avoiding abrupt financial changes for those already taxed under the special method.
May affect housing markets. Changes in assessment methods could influence property values, housing affordability, and the attractiveness of co-op and condo ownership in certain municipalities, with possible ripple effects on local real estate markets and community demographics.
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Who cares
Cooperative corporations and condominium owners
Their properties could lose the specified assessment protections where local governments opt out, but properties previously covered before January 1, 2021, would be exempt from that change.
Municipal governments outside special assessing units
They could adopt local laws opting eligible co-op and condominium properties out of the specified assessment provisions before the applicable taxable status date.
School districts outside special assessing units
They could make the same election by resolution for their tax assessments.
Local property assessors
They would need to apply local opt-outs and the exemption for previously covered properties on assessment rolls with taxable status dates on or after January 1, 2021.
Headline styles
Change Co-op Property Tax Rules
Plain English, a few words. Used as the page title.
Sponsors
12 Co-sponsors
1 Multi-sponsor
History
- Ordered to third reading rules cal.228
- Rules report cal.228
- Reported
- Reported referred to rules
- Print number 5221a
- 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 Coop Property Tax Rules
In Senate Committee · Local Government · Sponsor David Carlucci
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5221--A
2019-2020 Regular Sessions
IN ASSEMBLY
February 7, 2019
Introduced by M. of A. GALEF, STEC, ABINANTI, MAGNARELLI, SEAWRIGHT, RIVERA, HYNDMAN, WILLIAMS, D'URSO, COOK, STIRPE, BLAKE -- Multi-Sponsored by -- M. of A. THIELE -- read once and referred to the Committee on Real Property Taxation -- recommitted to the Committee on Real Property Taxation 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
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08645-04-0
A. 5221--A 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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.