What's happening
Limits the annual increase in assessed value of co-ops and condos to 3% for two years after a tax certiorari settlement.
Why it matters
Provides financial predictability. for co-op and condo owners by capping how much their property’s assessed value—and thus their property taxes—can rise after a successful tax challenge, making budgeting easier for households and boards.
Reduces risk of sudden tax hikes. that can occur after tax certiorari settlements, which often lead to large one-time increases in assessed value as the city “catches up” post-settlement; the bill would instead smooth any increases over two years.
May encourage more owners to pursue tax challenges,. knowing they won’t be penalized with immediate sharp increases in assessments afterward, potentially making the appeals process fairer and more accessible.
Could impact city revenue projections. by temporarily slowing the growth of tax collections from these properties, which might shift fiscal planning considerations for local government.
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Who cares
Headline styles
Limit Condo Tax Increases
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to cities
- Returned to senate
- Died in assembly
- Referred to housing
- Delivered to assembly
- Passed senateVote 62–0
- Ordered to third reading cal.1421
- Committee discharged and committed to rules
- 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.
Limit Condo 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
2946
2019-2020 Regular Sessions
IN SENATE
January 31, 2019
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.
LBD02660-01-9
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 coop- erative 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 assess- ments. 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.