A02053 Summary:

Amd S581, RPT L
Requires real property in New York City to be assessed using a fair comparative.
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A02053 Actions:

01/15/2015referred to real property taxation
01/06/2016referred to real property taxation
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A02053 Text:

                STATE OF NEW YORK
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                    January 15, 2015
        Introduced  by M. of A. QUART -- read once and referred to the Committee
          on Real Property Taxation
        AN ACT to amend the real property tax law, in relation to requiring real
          property to be assessed using a fair comparative
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Paragraph (a) of subdivision 1 of section 581 of the real
     2  property tax law, as amended by chapter 223 of  the  laws  of  1989,  is
     3  amended to read as follows:
     4    (a) Notwithstanding any other provision of law, real property owned or
     5  leased  by  a cooperative corporation or on a condominium basis shall be
     6  assessed for purposes of this chapter at a sum not exceeding the assess-
     7  ment which would be placed upon such parcel were the parcel not owned or
     8  leased by a cooperative corporation or on  a  condominium  basis.  In  a
     9  special  assessing unit that is a city, nothing in this section shall be
    10  construed to require the use of rent-regulated properties as  comparison
    11  properties  for  assessment  purposes. For the purpose of this paragraph
    12  only, the term "rent-regulated properties" shall mean  housing  accommo-
    13  dations  which are subject to the regulations and control of residential
    14  rents and evictions pursuant to the emergency housing rent control  law,
    15  the  local  emergency  housing  rent  control  act, the emergency tenant
    16  protection act of nineteen seventy-four, the  New  York  city  rent  and
    17  rehabilitation  law or the New York city rent stabilization law of nine-
    18  teen hundred sixty-nine. For the purpose of  this  paragraph  only,  the
    19  term  "comparison properties" shall mean any real property considered by
    20  an assessor to be sufficiently similar  to  a  subject  property  to  be
    21  compared to it to determine the subject property's assessment.
    22    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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