STATE OF NEW YORK
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1711
2019-2020 Regular Sessions
IN ASSEMBLY
January 16, 2019
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Introduced by M. of A. QUART -- Multi-Sponsored by -- M. of A. MOSLEY --
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.
LBD01366-01-9
