Bill Text: NY A00889 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 889

Introduced

Bill Title: Relates to establishing a property tax credit for class 2 cooperative and condominium buildings that are designated safe after a facade safety program inspection.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to real property taxation [A00889 Detail]

Download: New_York-2023-A00889-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                           889

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    January 11, 2023
                                       ___________

        Introduced  by  M.  of  A.  BRAUNSTEIN  -- read once and referred to the
          Committee on Real Property Taxation

        AN ACT to amend the administrative code of the  city  of  New  York,  in
          relation to establishing a property tax credit for class 2 cooperative
          and  condominium  buildings  that  are  designated safe after a facade
          safety program inspection

          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 11-242.1 to read as follows:
     3    §  11-242.1  Exemption  for  buildings  designated  safe   by   facade
     4  inspection safety program. a. As used in this section, "eligible proper-
     5  ty"  shall mean any class two cooperative and/or condominium building as
     6  defined by section eighteen hundred two of the real  property  tax  law,
     7  that  has  been designated safe after a facade safety program inspection
     8  pursuant to article three hundred two of chapter three of title  twenty-
     9  eight of this code.
    10    b.  The  taxes upon any eligible property, shall be abated and reduced
    11  by an amount equal to all costs of such inspection pursuant  to  article
    12  three hundred two of chapter three of title twenty-eight of this code.
    13    c. Such abatement as described in subdivision b of this section, shall
    14  be  reevaluated  every  five  years  after  such inspection is performed
    15  pursuant to article three hundred two of chapter three of title  twenty-
    16  eight of this code.
    17    § 2. This act shall take effect immediately.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01212-01-3