NY A10651

Amends the assessed value limitation for J-51 tax abatement eligibility for cooperative and condominium buildings from a fixed $30,000 per dwelling unit threshold to an inflation-adjusted threshold beginning in 2017.

Sets the assessed value limitation at $32,000 per dwelling unit for final assessment rolls completed in 2017, adjusted by the Social Security cost-of-living adjustment percentage.

Requires the assessed value limitation to increase annually in subsequent years using the Social Security applicable increase percentage, with a maximum cap of $35,000 per dwelling unit.

Maintains existing requirements that buildings exceeding the assessed value limitation may only receive J-51 benefits if alterations or improvements were carried out with substantial governmental assistance.

Takes effect immediately upon enactment.