Requires market-based assessments of real property owned or leased by a cooperative corporation or on a condominium basis which is converted or constructed on or after January 1, 2011.
STATE OF NEW YORK
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256
2009-2010 Regular Sessions
IN SENATE(Prefiled)
January 7, 2009
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Introduced by Sen. LITTLE -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the real property tax law and the real property law, in
relation to the assessment of condominiums and cooperatives
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 581 of the real property tax law
2 is amended by adding a new paragraph (d) to read as follows:
3 (d) The provisions of paragraph (a) of this subdivision shall not
4 apply in a municipal corporation, other than a special assessing unit,
5 to a condominium or cooperative unit unless it was subject to the
6 provisions of paragraph (a) of this subdivision on January first, two
7 thousand eleven.
8 § 2. Subdivision 1 of section 339-y of the real property law is
9 amended by adding a new paragraph (g) to read as follows:
10 (g) The provisions of paragraph (b) of this subdivision shall not
11 apply in a municipal corporation, other than a special assessing unit,
12 to a condominium unit unless it was subject to the provisions of para-
13 graph (b) of this subdivision on January first, two thousand eleven.
14 § 3. This act shall take effect immediately and shall apply to assess-
15 ment rolls prepared on the basis of taxable status dates occurring on or
16 after January 1, 2011.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00105-01-9
