Bill Text: NY S02959 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to assessments of residential cooperative, condominium and rental property; defines the term "the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis".

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO LOCAL GOVERNMENT [S02959 Detail]

Download: New_York-2023-S02959-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2959

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 26, 2023
                                       ___________

        Introduced  by Sen. KAVANAGH -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the real property tax law, in relation to assessments of
          residential cooperative, condominium and rental property

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Section  581  of  the real property tax law is amended by
     2  adding a new subdivision 5 to read as follows:
     3    5. For the purposes of this section, the term  "the  assessment  which
     4  would  be placed upon such parcel were the parcel not owned or leased by
     5  a cooperative corporation or  on  a  condominium  basis"  shall  not  be
     6  construed  to  require  real  property  owned or leased by a cooperative
     7  corporation or on a condominium basis to be  assessed  for  purposes  of
     8  this chapter based on the income that would be generated by real proper-
     9  ty occupied for residential purposes on a rental basis (as distinct from
    10  a cooperative or condominium basis) or based upon such property occupied
    11  on  a  rental  basis that is deemed otherwise comparable to the property
    12  owned or leased by a cooperative corporation or on a  condominium  basis
    13  that is to be assessed.
    14    § 2. This act shall take effect on the one hundred eightieth day after
    15  it  shall have become a law and shall apply to assessment rolls prepared
    16  on the basis of taxable status dates occurring on or after the first  of
    17  January  next  succeeding the date on which this act shall have become a
    18  law.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07235-01-3