NY S00619

Extends the phase-in period for property assessment increases on cooperatives and condominiums from the current timeframe to 12 years

Assessment increases would be phased in gradually: 8.33% in year one, increasing by approximately 8.33% each year until reaching 100% in year twelve

If a new assessment increase occurs during an existing transition period, the new increase is also phased in over 12 years and added to the prior transitional assessments

Taxes must be based on the lesser of either the transition assessment or the actual assessment in any given year

Takes effect January 1 following enactment, applying to assessment rolls prepared after that date