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NY S02887
Bill
Status
1/26/2021
Primary Sponsor
Brian Kavanagh
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AI Summary
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Eliminates partial tax abatement eligibility for dwelling units in cooperatives and condominiums with billable assessed values of $200,000 or greater, effective for fiscal years beginning in 2022 and after.
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Extends the cap on maximum eligible dwelling units from fiscal year 2022 through 2023, requiring that no more than three dwelling units owned by any unit owner in a single building be eligible for abatement, with one being the owner's primary residence.
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Reallocates tax abatement monies previously used for high-value units (assessed value $200,000 or greater) to a special account in the name of the New York City Housing Authority, with disbursements authorized by the Commissioner of Housing Preservation and Development.
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Maintains existing eligibility requirements limiting abatement to unit owners with no more than three dwelling units in cooperative or condominium properties and excluding sponsors from receiving abatements.
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Takes effect immediately upon enactment.
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; 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
PRINT NUMBER 2887A
2/7/2022