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NY S05097
Bill
Status
2/22/2023
Primary Sponsor
Cordell Cleare
Click for details
AI Summary
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Amends Real Property Tax Law Section 1805 to require transfer assessments for Class 1 and Class 2 parcels in special assessing units within cities with populations of one million or more, beginning with assessment rolls completed in 2024.
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Applies transfer assessments to parcels where the market value (as determined by NYC Department of Finance) exceeds the assessed value and title has transferred within the fiscal year.
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Increases assessed value by one-third of the difference between market value and current assessed value on each of the first three assessment rolls following the title transfer.
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Takes effect immediately upon enactment.
Legislative Description
Implements transfer assessments for any class one or class two parcel in any special assessing unit wholly contained within a city which has had a transfer of title within the fiscal year where the market value of such parcel, as determined by the New York city department of finance, is greater than the assessed value of such parcel.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024