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NY A03395
Bill
Status
1/26/2021
Primary Sponsor
Robert Rodriguez
Click for details
AI Summary
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Eliminates partial tax abatement eligibility for dwelling units in cooperative and condominium buildings with billable assessed values of $200,000 or greater, effective for fiscal years commencing in calendar year 2021 and after.
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Extends provisions governing partial tax abatement eligibility and abatement percentages through fiscal year 2022 (previously set to expire in 2020).
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Reallocates tax abatement monies previously used for ineligible high-value dwelling units ($200,000+) to a special account under the New York City Housing Authority for use authorized by the Department of Housing Preservation and Development.
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Maintains eligibility for partial tax abatement for cooperatives and condominiums where unit owners hold no more than three dwelling units in a single property, with one unit being the owner's primary residence.
Legislative Description
Eliminates the New York city condominium and cooperative tax abatement for dwelling units whose billable assessed value is two hundred thousand dollars or greater and instructs that the money used to formerly fund such abatement be reallocated to the New York city housing authority; extends certain provisions of the partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
Last Action
enacting clause stricken
12/10/2021