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NY S02959
Bill
Status
1/26/2023
Primary Sponsor
Brian Kavanagh
Click for details
AI Summary
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Amends Section 581 of the Real Property Tax Law to add a new subdivision 5 defining assessment standards for cooperative and condominium properties
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Prohibits assessors from valuing cooperative or condominium residential properties based on the income they would generate if converted to rental properties
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Specifies that assessments cannot use comparable rental properties as a valuation basis for cooperative or condominium properties
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Takes effect 180 days after becoming law and applies to assessment rolls prepared on or after January 1 of the following year
Legislative Description
Relates to assessments of residential cooperative, condominium and rental property; defines the term "the assessment which would be placed upon such parcel were the parcel not owned or leased by a cooperative corporation or on a condominium basis".
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024