A00889 Summary:
| BILL NO | A00889 |
| SAME AS | No Same As |
| SPONSOR | Braunstein |
| COSPNSR | |
| MLTSPNSR | |
| Add §11-242.1, NYC Ad Cd | |
| Relates to establishing a property tax credit for class 2 cooperative and condominium buildings that are designated safe after a facade safety program inspection. | |
A00889 Text:
Go to topSTATE OF NEW YORK ________________________________________________________________________ 889 2023-2024 Regular Sessions IN ASSEMBLY January 11, 2023 ___________ Introduced by M. of A. BRAUNSTEIN -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the administrative code of the city of New York, in relation to establishing a property tax credit for class 2 cooperative and condominium buildings that are designated safe after a facade safety program inspection 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 11-242.1 to read as follows: 3 § 11-242.1 Exemption for buildings designated safe by facade 4 inspection safety program. a. As used in this section, "eligible proper- 5 ty" shall mean any class two cooperative and/or condominium building as 6 defined by section eighteen hundred two of the real property tax law, 7 that has been designated safe after a facade safety program inspection 8 pursuant to article three hundred two of chapter three of title twenty- 9 eight of this code. 10 b. The taxes upon any eligible property, shall be abated and reduced 11 by an amount equal to all costs of such inspection pursuant to article 12 three hundred two of chapter three of title twenty-eight of this code. 13 c. Such abatement as described in subdivision b of this section, shall 14 be reevaluated every five years after such inspection is performed 15 pursuant to article three hundred two of chapter three of title twenty- 16 eight of this code. 17 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01212-01-3