Bill Text: NY A04913 | 2011-2012 | General Assembly | Introduced

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Bill Title: Limits the increase in a property's assessed value for assessment rolls in 2005 and thereafter for a certain class two property located in the borough of Manhattan identified on the tax map as Block No. 2041, Lot No. 37.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-01-04 - referred to real property taxation [A04913 Detail]

Download: New_York-2011-A04913-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4913
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 9, 2011
                                      ___________
       Introduced by M. of A. WRIGHT -- read once and referred to the Committee
         on Real Property Taxation
       AN  ACT  in  relation to authorizing the assessor of a special assessing
         unit wholly contained within a  city  to  limit  assessment  increases
         attributable  to  or  improvements to class two property identified as
         Block No. 2041, Lot No. 37 on the tax map for the borough of Manhattan
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Notwithstanding any provision of law to the contrary, the
    2  assessor in any special assessing unit wholly contained within  a  city,
    3  shall  not  increase  the assessment of property identified as Block No.
    4  2041, Lot No. 37 on the tax map for the borough of Manhattan, classified
    5  in class two which property has fewer  than  eleven  residential  units,
    6  with  respect  to  any increase in value attributable to additions to or
    7  improvements of such property  that  were  not  reflected  in  the  2005
    8  assessment  roll  or  any  subsequent assessment roll, by more than one-
    9  third of the amount that such assessment would increase, in the  absence
   10  of this act, with respect to any increase in value attributable to addi-
   11  tions to or improvements of such property that were not reflected on the
   12  2005 assessment roll or any subsequent assessment roll.  Notwithstanding
   13  the provisions of subdivision 5 of section 1805 of the real property tax
   14  law,  the  remainder of the increase in value attributable to such addi-
   15  tions or improvements that were not reflected  on  the  2005  assessment
   16  roll  or  any subsequent assessment roll shall be subject to the limita-
   17  tions on increases provided in subdivision 2 of section 1805 of the real
   18  property tax law.
   19    S 2. This act shall take effect immediately and shall apply to assess-
   20  ment rolls completed in 2005 and thereafter; provided, however, that the
   21  assessor or such other local official having custody and control of  the
   22  assessment roll is hereby authorized to revise the final assessment roll
   23  in  accordance  with  the provisions of this act and the commissioner of
   24  finance of the city of New York is hereby authorized to take such  other
   25  actions as may be necessary to implement the provisions of this act.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD03350-01-1