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NY S06572

Bill

Official Source

Status

Introduced

2/29/2012

Primary Sponsor

Toby Stavisky

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Origin

Senate

2011-2012 General Assembly

AI Summary

  • Adds new section 11-240 to the New York City Administrative Code regulating assessed value increases for cooperatives and condominiums following tax certiorari settlements
  • Caps assessed value increases at no more than 3 percent per year for two years following resolution of tax certiorari proceedings
  • Applies to real property owned or leased by a cooperative corporation or owned on a condominium basis
  • Takes effect immediately upon enactment

Legislative Description

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.

Last Action

REFERRED TO CITIES

2/29/2012

Committee Referrals

Cities2/29/2012

Full Bill Text

No bill text available