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A07126 Summary:

BILL NOA07126
 
SAME ASSAME AS S07031
 
SPONSORQuart
 
COSPNSRBraunstein
 
MLTSPNSR
 
Amd 467-a, RPT L
 
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.
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A07126 Memo:

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.
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