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NY S00726
Bill
Status
6/20/2014
Primary Sponsor
Tony Avella
Click for details
AI Summary
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Creates a new "Class One-A" property classification for residential real property held in condominium or cooperative form of ownership that does not qualify as Class One under existing law.
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Beginning fiscal year 2015, limits the annual percentage change in tax rates for Class One-A properties to not exceed the annual percentage change in tax rates for Class One properties for city, county, and school district taxes in New York City.
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Applies Class One-A designation to various tax law provisions including assessment review procedures, tax lien sales, foreclosure rules, and tax abatement eligibility programs.
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Modifies equalization rate calculations to create a separate equalization factor for Class One-A properties in school district portions based on the ratio of Class One to Class One-A tax rates.
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Takes effect January 1 following enactment and applies to assessment rolls prepared on or after the effective date.
Legislative Description
Classifies properties held in condominium and cooperative form for assessment purposes as class one-a properties; requires that the annual tax rate percentage change for class one-a properties does not exceed the annual tax rate percentage change for class one properties.
Last Action
referred to real property taxation
6/23/2014