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NY A00087

Bill

Official Source

Status

Introduced

1/6/2021

Primary Sponsor

Dan Quart

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Removes the exemption for class three parcels from the transition assessment provisions in Real Property Tax Law Section 1805, subdivision 3
  • Applies the five-year phased-in assessment increase schedule to class three parcels in New York City, allowing assessments to increase by 20%, 40%, 60%, 80%, and 100% over five consecutive years
  • Requires the full greater assessment to appear on assessment rolls and be used by the commissioner to determine class ratios, while taxes are based on the lower transition assessment if it is less than the actual assessment
  • Takes effect immediately upon enactment

Legislative Description

Provides for transition assessment for a parcel classified in class three in New York city.

Last Action

referred to real property taxation

1/5/2022

Committee Referrals

Real Property Taxation1/6/2021

Full Bill Text

No bill text available