NY S01897

Amends Real Property Tax Law Section 1805 to establish a 12-year phase-in period for assessment increases on cooperative and condominium properties.

Assessment increases are phased in at graduated percentages: 8.33% in year one, increasing by 8.33% increments annually until reaching 100% in year twelve.

If multiple assessment increases occur during the transition period, each new increase is phased in separately and added to previously established transition assessments.

Requires assessors to record the full assessed value on the assessment roll for equalization rate determinations, but taxes are calculated using the lower transitional assessment amount if it is less than the actual assessment.

Takes effect January 1st following enactment and applies to assessment rolls with taxable status dates on or after the effective date.