BILL NUMBER: S619
SPONSOR: STAVISKY
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to limitations on
assessed value for any parcel that is held in cooperative or condominium
forms of ownership
 
PURPOSE OR GENERAL IDEA OF BILL:
Relates to limitations on assessed value for any parcel that is held in
cooperative or condominium forms of ownership.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Section 1805 (3) of the Property Tax Law by adding a new
subdivision 7. This modifies the phased in changes to assessed value of
condominiums and cooperatives, from a five year phase-in to a 12 year
phase-in.
Section 2. Sets forth the effective date.
 
JUSTIFICATION:
The real property tax law requires the City of New York to phase-in
changes to the assessed value of class two properties (condominiums and
cooperatives) over a five year period. A twenty percent phase-in is
required by law for each of the five years.
Property tax assessments can raise the value of a property significantly
in some cases and such increased assessments usually translate into a
larger property tax bill for the owners of the property. This situation
can produce hefty property tax increases, which are particularly onerous
on families and senior citizens who own condominiums and cooperatives in
New York City.
This bill would stretch the phase-in of updated assessed value of prop-
erty over a twelve year period rather than a five year period. It would
provide more time for property owners to manage and absorb the tax
increases formulated as a result of the increased assessed property
value.
In addition, this phase-in schedule would not adversely impact antic-
ipated revenues to New York City since the new property assessment value
is not capped or changed in any way, it only adjusts the timing of the
implementation of the now assessment to a twelve year phase-in rather
than five
 
PRIOR LEGISLATIVE HISTORY:
2019-2020: A.227/S.2552 - Referred to Real Property Taxation.
2021-2022: A.496/S.4139 - Referred to Real Property Taxation.
2023/2024: No same as/S1897 - Referred to Local Government.
 
FISCAL IMPLICATIONS:
None to State.
 
EFFECTIVE DATE:
This act shall take effect on the first of January next succeeding the
date on which it shall have become a law and shall apply to assessment
rolls prepared pursuant to a taxable status date occurring on or after
such date; provided, however, that effective immediately, the addition,
amendment and/or repeal of any rule or regulation necessary for the
implementation of this act on its effective date are authorized and
directed to be made and completed on or before such effective date.

Statutes affected:
S619: 1805 real property tax law