Extends certain provisions relating to a partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7126
SPONSOR: Quart TITLE OF BILL:
An act to amend the real property tax law, in relation to extending
certain provisions relating to a partial tax abatement for residential
real property held in the cooperative or condominium form of ownership
in a city having a population of one million or more
PURPOSE OR GENERAL IDEA OF BILL:
To extend for two years a real property tax abatement program for coop-
erative and condominium units in cities of one million or more.
SUMMARY OF SPECIFIC PROVISIONS:
Section one amends paragraphs (a) and (b) of subdivision 2 of section
467-a of the real property tax law to extend for two years through the
New York City fiscal year that begins in 2022, a partial real property
tax abatement for cooperative and condominium units.
Section two amends paragraphs (d-1, (d-2), (d-3), and (d-4) of subdivi-
sion 2 of section 467-a of the real property tax law to extend for two
years through the City fiscal year that begins, in 2022, the current
28.1% partial property tax abatement for cooperative and condominium
units assessed at $50,000 or less; the current 25.2% partial property
tax abatement for cooperative and condominium units assessed at more
than $50,000, but less than or equal to $55,000; the current 22.5%
partial property tax abatement for cooperative and condominium units
assessed at more than $55,000, but less than or equal to $60,000; and
the current 17.5% partial property tax abatement for cooperative and
condominium units assessed at more than $60,000.
Section three amends paragraph (a) of subdivision 3 of section 467-a to
set deadlines for abatement applications by eligible unit owners.
Section four sets forth the effective date.
JUSTIFICATION:
The real property tax system in New York City burdens owners of co-op
and condominium units with significantly larger tax bills than the
owners of comparably valued one-, two-, and three-family homes. Recog-
nizing this inequity, New York State authorized - and the City of New
York implemented - a partial property tax abatement program for co-op
and condo owners in 1996, which was last extended in 2019. Extending
the current abatement program will continue the current level of relief
for hundreds of thousands of New York City co-op and condo owners.
PRIOR LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
This act shall take effect immediately.
