New York State Assembly

Bill No.:  

 
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S05229 Summary:

BILL NO	S05229
SAME AS	SAME AS A00338
SPONSOR	STAVISKY
COSPNSR
MLTSPNSR
Add §11-240.2, NYC Ad Cd
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.

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S05229 Actions:

BILL NO	S05229
03/16/2017	REFERRED TO CITIES
01/03/2018	REFERRED TO CITIES

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S05229 Committee Votes:

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S05229 Floor Votes:

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S05229 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5229
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                     March 16, 2017
                                       ___________
 
        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Cities
 
        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.
                                                                   LBD01688-01-7

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