Bill Text: NY A07092 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater and instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
Spectrum: Partisan Bill (Democrat 26-0)
Status: (Introduced - Dead) 2020-09-09 - print number 7092b [A07092 Detail]
Download: New_York-2019-A07092-Introduced.html
Bill Title: Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater and instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
Spectrum: Partisan Bill (Democrat 26-0)
Status: (Introduced - Dead) 2020-09-09 - print number 7092b [A07092 Detail]
Download: New_York-2019-A07092-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7092 2019-2020 Regular Sessions IN ASSEMBLY April 5, 2019 ___________ Introduced by M. of A. RODRIGUEZ -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 2 of section 467-a of the real property tax law 2 is amended by adding a new paragraph (b-2) to read as follows: 3 (b-2) Notwithstanding any other provision of law to the contrary, the 4 provisions of this section shall not apply to any dwelling unit for 5 which the billable assessed value is two hundred thousand dollars or 6 greater. 7 § 2. Paragraphs (a) and (b) of subdivision 2 of section 467-a of the 8 real property tax law, as amended by section 61 of part A of chapter 20 9 of the laws of 2015, are amended to read as follows: 10 (a) In a city having a population of one million or more, dwelling 11 units owned by unit owners who, as of the applicable taxable status 12 date, own no more than three dwelling units in any one property held in 13 the condominium form of ownership, shall be eligible to receive a 14 partial abatement of real property taxes, as set forth in paragraphs 15 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 16 sion; provided, however, that a property held in the condominium form of 17 ownership that is receiving complete or partial real property tax 18 exemption or tax abatement pursuant to any other provision of this chap- 19 ter or any other state or local law, except as provided in paragraph (f) 20 of this subdivision, shall not be eligible to receive a partial abate- 21 ment pursuant to this section; and provided, further, that sponsors 22 shall not be eligible to receive a partial abatement pursuant to this 23 section; and provided, further, that in the fiscal years commencing in EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10319-04-9A. 7092 2 1 calendar years two thousand twelve[, two thousand thirteen, two thousand2fourteen, two thousand fifteen, two thousand sixteen, two thousand3seventeen or two thousand eighteen] through two thousand twenty-one no 4 more than a maximum of three dwelling units owned by any unit owner in a 5 single building, one of which must be the primary residence of such unit 6 owner, shall be eligible to receive a partial abatement pursuant to 7 paragraphs (d-1), (d-2), (d-3) and (d-4) of this subdivision. 8 (b) In a city having a population of one million or more, dwelling 9 units owned by tenant-stockholders who, as of the applicable taxable 10 status date, own no more than three dwelling units in any one property 11 held in the cooperative form of ownership, shall be eligible to receive 12 a partial abatement of real property taxes, as set forth in paragraphs 13 (c), (d), (d-1), (d-2), (d-3), (d-4), (d-5) and (d-6) of this subdivi- 14 sion; provided, however, that a property held in the cooperative form of 15 ownership that is receiving complete or partial real property tax 16 exemption or tax abatement pursuant to any other provision of this chap- 17 ter or any other state or local law, except as provided in paragraph (f) 18 of this subdivision, shall not be eligible to receive a partial abate- 19 ment pursuant to this section; and provided, further, that sponsors 20 shall not be eligible to receive a partial abatement pursuant to this 21 section; and provided, further, that in the fiscal years commencing in 22 calendar years two thousand twelve[, two thousand thirteen, two thousand23fourteen, two thousand fifteen, two thousand sixteen, two thousand24seventeen or two thousand eighteen] through two thousand twenty-one no 25 more than a maximum of three dwelling units owned by any tenant-stock- 26 holder in a single building, one of which must be the primary residence 27 of such tenant-stockholder, shall be eligible to receive a partial 28 abatement pursuant to paragraphs (d-1), (d-2), (d-3) and (d-4) of this 29 subdivision. For purposes of this section, a tenant-stockholder of a 30 cooperative apartment corporation shall be deemed to own the dwelling 31 unit which is represented by his or her shares of stock in such corpo- 32 ration. Any abatement so granted shall be credited by the appropriate 33 taxing authority against the tax due on the property as a whole. The 34 reduction in real property taxes received thereby shall be credited by 35 the cooperative apartment corporation against the amount of such taxes 36 attributable to eligible dwelling units at the time of receipt. 37 § 3. Paragraphs (d-1), (d-2), (d-3) and (d-4) of subdivision 2 of 38 section 467-a of the real property tax law, as amended by section 62 of 39 part A of chapter 20 of the laws of 2015, are amended to read as 40 follows: 41 (d-1) In the fiscal years commencing in calendar years two thousand 42 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 43 ing units in property whose average unit assessed value is less than or 44 equal to fifty thousand dollars shall receive a partial abatement of the 45 real property taxes attributable to or due on such dwelling units of 46 twenty-five percent, twenty-six and one-half percent and twenty-eight 47 and one-tenth percent respectively. In the fiscal years commencing in 48 calendar years two thousand fifteen[, two thousand sixteen, two thousand49seventeen and two thousand eighteen] through two thousand twenty-one 50 eligible dwelling units in property whose average unit assessed value is 51 less than or equal to fifty thousand dollars shall receive a partial 52 abatement of the real property taxes attributable to or due on such 53 dwelling units of twenty-eight and one-tenth percent. 54 (d-2) In the fiscal years commencing in calendar years two thousand 55 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 56 ing units in property whose average unit assessed value is more thanA. 7092 3 1 fifty thousand dollars, but less than or equal to fifty-five thousand 2 dollars, shall receive a partial abatement of the real property taxes 3 attributable to or due on such dwelling units of twenty-two and one-half 4 percent, twenty-three and eight-tenths percent and twenty-five and two- 5 tenths percent respectively. In the fiscal years commencing in calendar 6 years two thousand fifteen[, two thousand sixteen, two thousand seven-7teen and two thousand eighteen] through two thousand twenty-one eligible 8 dwelling units in property whose average unit assessed value is more 9 than fifty thousand dollars, but less than or equal to fifty-five thou- 10 sand dollars, shall receive a partial abatement of the real property 11 taxes attributable to or due on such dwelling units of twenty-five and 12 two-tenths percent. 13 (d-3) In the fiscal years commencing in calendar years two thousand 14 twelve, two thousand thirteen and two thousand fourteen, eligible dwell- 15 ing units in property whose average unit assessed value is more than 16 fifty-five thousand dollars, but less than or equal to sixty thousand 17 dollars, shall receive a partial abatement of the real property taxes 18 attributable to or due on such dwelling units of twenty percent, twen- 19 ty-one and two-tenths percent, and twenty-two and five-tenths percent 20 respectively. In the fiscal years commencing in calendar years two thou- 21 sand fifteen[, two thousand sixteen, two thousand seventeen and two22thousand eighteen] through two thousand twenty-one eligible dwelling 23 units in property whose average unit assessed value is more than fifty- 24 five thousand dollars, but less than or equal to sixty thousand dollars, 25 shall receive a partial abatement of the real property taxes attribut- 26 able to or due on such dwelling units of twenty-two and five-tenths 27 percent. 28 (d-4) In the fiscal years commencing in calendar years two thousand 29 twelve[, two thousand thirteen, two thousand fourteen, two thousand30fifteen, two thousand sixteen, two thousand seventeen and two thousand31eighteen] through two thousand twenty-one, eligible dwelling units in 32 property whose average unit assessed value is more than sixty thousand 33 dollars shall receive a partial abatement of the real property taxes 34 attributable to or due on such dwelling units of seventeen and one-half 35 percent. 36 § 4. Paragraph (a) of subdivision 3 of section 467-a of the real prop- 37 erty tax law, as amended by section 63 of part A of chapter 20 of the 38 laws of 2015, is amended to read as follows: 39 (a) An application for an abatement pursuant to this section for the 40 fiscal year commencing in calendar year nineteen hundred ninety-six 41 shall be made no later than the fifteenth day of September, nineteen 42 hundred ninety-six. An application for an abatement pursuant to this 43 section for the fiscal year commencing in calendar year nineteen hundred 44 ninety-seven shall be made no later than the first day of April, nine- 45 teen hundred ninety-seven. An application for an abatement pursuant to 46 this section for the fiscal year commencing in calendar year nineteen 47 hundred ninety-eight shall be made no later than the first day of April, 48 nineteen hundred ninety-eight. An application for an abatement pursuant 49 to this section for the fiscal year commencing in calendar year nineteen 50 hundred ninety-nine shall be made in accordance with this subdivision 51 and subdivision three-a of this section. An application for an abatement 52 pursuant to this section for the fiscal year commencing in calendar year 53 two thousand shall be made no later than the fifteenth day of February, 54 two thousand. An application for an abatement pursuant to this section 55 for the fiscal year commencing in calendar year two thousand one shall 56 be made in accordance with this subdivision and subdivision three-b ofA. 7092 4 1 this section. An application for an abatement pursuant to this section 2 for the fiscal year commencing in calendar year two thousand two shall 3 be made no later than the fifteenth day of February, two thousand two. 4 An application for an abatement pursuant to this section for the fiscal 5 year commencing in calendar year two thousand three shall be made no 6 later than the fifteenth day of February, two thousand three. An appli- 7 cation for an abatement pursuant to this section for the fiscal year 8 commencing in calendar year two thousand four shall be made in accord- 9 ance with this subdivision and subdivision three-c of this section. An 10 application for an abatement pursuant to this section for the fiscal 11 year commencing in calendar year two thousand five shall be made no 12 later than the fifteenth day of February, two thousand five. An applica- 13 tion for an abatement pursuant to this section for the fiscal year 14 commencing in calendar year two thousand six shall be made no later than 15 the fifteenth day of February, two thousand six. An application for an 16 abatement pursuant to this section for the fiscal year commencing in 17 calendar year two thousand seven shall be made no later than the 18 fifteenth day of February, two thousand seven. An application for abate- 19 ment pursuant to this section for the fiscal year commencing in calendar 20 year two thousand eight shall be made in accordance with this subdivi- 21 sion and subdivision three-d of this section. An application for an 22 abatement pursuant to this section for the fiscal year commencing in 23 calendar year two thousand nine shall be made no later than the 24 fifteenth day of February, two thousand nine. An application for an 25 abatement pursuant to this section for the fiscal year commencing in 26 calendar year two thousand ten shall be made no later than the fifteenth 27 day of February, two thousand ten. An application for an abatement 28 pursuant to this section for the fiscal year commencing in calendar year 29 two thousand eleven shall be made no later than the fifteenth day of 30 February, two thousand eleven. An application for an abatement pursuant 31 to this section for the fiscal years commencing in calendar years two 32 thousand twelve and two thousand thirteen shall be made in accordance 33 with subdivision three-e of this section. The date or dates by which 34 applications for an abatement pursuant to this section shall be made for 35 the fiscal years beginning in calendar years two thousand fourteen[, two36thousand fifteen, two thousand sixteen, two thousand seventeen and two37thousand eighteen] through two thousand twenty-one shall be established 38 by the commissioner of finance by rule, provided that such date or dates 39 shall not be later than the fifteenth day of February for such calendar 40 years. 41 § 5. The New York city department of finance shall reallocate the 42 monies used to provide the partial tax abatement for residential real 43 property held in the cooperative or condominium form of ownership for 44 dwelling units whose billable assessed value is two hundred thousand 45 dollars or greater, which are now ineligible for such tax abatement 46 pursuant to section one of this act, to be deposited in a special 47 account in the name of the New York city housing authority. Payment 48 from such account shall be on the authorization of the commissioner of 49 the department of housing preservation and development. 50 § 6. This act shall take effect immediately.
