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NY S03213
Bill
Status
1/24/2025
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 clarifying assessment methods for cooperative and condominium properties
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Prohibits assessing cooperative or condominium properties based on the income that would be generated if the property were operated as a rental property
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Prevents using comparable rental properties as the basis for determining assessments of cooperative and condominium buildings
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Takes effect 180 days after becoming law and applies to assessment rolls based on taxable status dates occurring on or after January 1 following enactment
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
1/7/2026