Loading chat...
NY A08939
Bill
Status
1/19/2022
Primary Sponsor
Jeffrey Dinowitz
Click for details
AI Summary
-
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, effective January 1, 2023.
-
Requires the NYC Department of Finance to establish class one-a in 2020 using the 2017 assessment roll as the base year, with combined class one-a and class two share not exceeding prior year adjusted base proportion.
-
Sets a 6 percent assessment ratio for class one-a properties and limits annual adjusted base proportion increases to no more than 5 percent after 2021.
-
Provides tiered tax abatements for class one-a properties based on average unit market value, ranging from 33 percent abatement for units under $650,000 to zero percent for units $5 million or more, effective fiscal year 2022.
-
Includes enhanced abatement provisions for units under $650,000 in market value, with abatement caps increasing from 2 percent (2022) to 6 percent (2024 and thereafter) above year-over-year tax increases.
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
1/19/2022