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NY S03252
Bill
Status
1/30/2023
Primary Sponsor
John Liu
Click for details
AI Summary
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Extends the deadline for partial real property tax abatements for eligible cooperative and condominium dwelling units in cities with populations of one million or more from fiscal year 2022 through fiscal year 2026.
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Maintains eligibility requirements limiting abatements to unit owners with no more than three dwelling units in a single property, with one unit being their primary residence.
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Preserves abatement percentages ranging from 17.5% to 28.1% based on average unit assessed value, with higher abatement rates for lower-valued properties.
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Excludes properties receiving other real property tax exemptions or abatements and prohibits sponsors from receiving partial abatements under this section.
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Requires the Commissioner of Finance to establish application deadlines for fiscal years 2014-2026, with deadlines no later than February 15th.
Legislative Description
Extends certain provisions relating to a 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
SUBSTITUTED BY A4972A
5/31/2023