New York Senate Bill S01893 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 1893 2023-2024 Regular Sessions  IN SENATE January 17, 2023 ___________ Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Cities 1 AN ACT to amend the administrative code of the city of New York, in relation to rates of increase of assessed values of cooperative units and condominiums The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The administrative code of the city of New York is amended 2 by adding a new section 11-240.3 to read as follows: 3 § 11-240.3 Assessments following tax certiorari settlement. The 4 assessed value of real property owned or leased by a cooperative corpo- 5 ration or on a condominium basis shall increase by no more than three 6 percent in the two years following the resolution of tax certiorari 7 proceedings on such property. 8 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD05536-01-3