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NY A04107
Bill
Status
2/9/2023
Primary Sponsor
Jeffrey Dinowitz
Click for details
AI Summary
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Creates a new "Class One-A" property classification for residential condominiums and cooperatives not qualifying as Class One, effective January 1, 2024.
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Establishes a 6% assessment ratio for Class One-A properties and requires the tax increase cap for Class One-A to not exceed the Class One cap (6% annually, 20% over five years).
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Provides tiered tax abatements for Class One-A units based on average unit market value, ranging from 33% abatement for units under $650,000 to 0% for units $5 million or more, starting fiscal year 2024.
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Adds enhanced abatements for eligible Class One-A units under $650,000 equal to excess above 2-6% of annual property tax increases, with caps increasing from 2% (2024) to 6% (2026 forward).
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Repeals Section 581 of the Real Property Tax Law and modifies condominium assessment rules in the Real Property Law to align with the new classification structure.
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
1/3/2024