NY A00496

Adds a 12-year phase-in period for assessment increases on cooperative and condominium properties, beginning with the assessment roll completed in the year this subdivision becomes effective.

Requires assessors to calculate transition assessments that gradually increase from 8.33% of the difference between the new and prior year assessment in year one, reaching 100% by year twelve.

Allows multiple assessment increases during the transition period to each be phased in separately over 12 years and stacked on top of previously established transition assessments.

Requires full actual assessments to appear on assessment rolls for use in determining class ratios by the commissioner, but transition assessments are used for calculating equalization rates.

Takes effect on January 1 following enactment and applies to assessment rolls prepared on or after the effective date.