S 619: Extends the transitional assessed value of parcels held in cooperative or condominium forms of ownership to twelve years.

  
  STATE OF NEW YORK ________________________________________________________________________ 619 2025-2026 Regular Sessions  IN SENATE (Prefiled) January 8, 2025 ___________ Introduced by Sen. STAVISKY -- 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, in relation to limitations on assessed value for any parcel that is held in cooperative or condomin- ium forms of ownership The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1805 of the real property tax law is amended by 2 adding a new subdivision 7 to read as follows: 3 7. Notwithstanding any provision of law to the contrary, if the 4 assessment appearing on an assessment roll beginning with the assessment 5 roll completed the same year as the effective date of this subdivision 6 and for each subsequent assessment roll for any parcel that is held in 7 cooperative or condominium forms of ownership, is greater than the 8 assessment appearing on the previous year's assessment roll the assessor 9 shall determine a transition assessment for such parcel for the first 10 assessment roll on which such greater assessment appears and for each of 11 the succeeding eleven assessment rolls by computing the difference 12 between such greater assessment and the assessment appearing on such 13 previous year's assessment roll and adding the following percentages of 14 such difference to the assessment appearing on such previous year's 15 assessment roll: in the first year, eight and one-third percent; in the 16 second year, sixteen and two-thirds percent; in the third year, twenty- 17 five percent; in the fourth year, thirty-three and one-third percent; in 18 the fifth year, forty-one and two-thirds percent; in the sixth year, 19 fifty percent; in the seventh year, fifty-eight and one-third percent; 20 in the eighth year, sixty-six and two-thirds percent; in the ninth year, 21 seventy-five percent; in the tenth year, eighty-three and one-third 22 percent; in the eleventh year, ninety-one and two-thirds percent; and in 23 the twelfth year, one hundred percent. If the assessment of a parcel is EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01549-01-5 
 S. 619 2 1 increased during a period for which transition assessments have been 2 established because of any prior assessment increases, such new increase 3 shall be phased-in over a twelve-year period as set forth in this subdi- 4 vision, and such phased-in increases shall be added to the transitional 5 assessments previously established for the prior increase; provided, 6 however, that if in any year any such transition assessment exceeds the 7 actual assessment for such year, taxes imposed on such parcel for such 8 year shall be based on such lesser actual assessment. Notwithstanding 9 the foregoing, during the period of any such transition, the assessment 10 roll shall contain an entry of the full amount of such greater assess- 11 ment which shall be used by the commissioner in its determination of 12 class ratios pursuant to paragraph (b) of subdivision one of section 13 twelve hundred two of this chapter. In establishing state equalization 14 rates, class equalization rates, special state equalization rates and 15 special state equalization ratios under article twelve, article twelve-A 16 and article twelve-B of this chapter, the commissioner shall use the 17 transition assessments as provided for in this subdivision in its deter- 18 minations, or where the actual assessment is the lesser, such actual 19 assessment shall be so used. 20 § 2. This act shall take effect on the first of January next succeed- 21 ing the date on which it shall have become a law and shall apply to 22 assessment rolls prepared pursuant to a taxable status date occurring on 23 or after such date. Effective immediately, the addition, amendment 24 and/or repeal of any rule or regulation necessary for the implementation 25 of this act on its effective date are authorized to be made and 26 completed on or before such effective date.