Bill Text: NY S02946 | 2019-2020 | General Assembly | Introduced

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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 2-0)

Status: (Engrossed - Dead) 2020-01-08 - REFERRED TO CITIES [S02946 Detail]

Download: New_York-2019-S02946-Introduced.html

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                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  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