Bill Text: NY A00250 | 2019-2020 | General Assembly | Introduced


Bill Title: Provides that assessed values of cooperative units and condominiums shall not increase by more than 3% in the two years following resolution of tax certiorari proceedings.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2020-01-08 - referred to housing [A00250 Detail]

Download: New_York-2019-A00250-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                           250
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced  by  M. of A. BRAUNSTEIN, WEPRIN, DINOWITZ -- Multi-Sponsored
          by -- M. of A.  BARNWELL, SIMOTAS -- read once  and  referred  to  the
          Committee on Housing
        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 Assem-
        bly, do enact as follows:
     1    Section 1. The administrative code of the city of New York is  amended
     2  by adding a new section 11-240.2 to read as follows:
     3    §  11-240.2  Assessments  following  tax  certiorari  settlement.  The
     4  assessed value of real property owned or leased by a cooperative  corpo-
     5  ration  or  on  a condominium basis shall increase by no more than three
     6  percent in the two years following  the  resolution  of  tax  certiorari
     7  proceedings on such property.
     8    § 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
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