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.
STATE OF NEW YORK
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250
2019-2020 Regular Sessions
IN ASSEMBLY(Prefiled)
January 9, 2019
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Introduced by M. of A. BRAUNSTEIN, WEPRIN, DINOWITZ -- Multi-Sponsored
by -- M. of A. BARNWELL, SIMOTAS -- read once and referred to the
Committee on Housing
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
