Extends the transitional assessed value of parcels held in cooperative or condominium forms of ownership to twelve years.

This bill amends the real property tax law to extend the transitional assessed value of parcels held in cooperative or condominium forms of ownership to twelve years. The transitional assessed value is phased in over twelve years, with specific percentages added each year. If the transition assessment exceeds the actual assessment for any year, taxes are based on the lesser actual assessment. The full amount of the greater assessment is used for determining class ratios. The bill takes effect on January 1 of the year following its enactment.

Extends the transitional assessed value of parcels held in cooperative or condominium forms of ownership to twelve years.

This bill amends the real property tax law to extend the transitional assessed value of parcels held in cooperative or condominium forms of ownership to twelve years. The transitional assessed value is phased in over twelve years, with specific percentages added each year. If the transition assessment exceeds the actual assessment for any year, taxes are based on the lesser actual assessment. The full amount of the greater assessment is used for determining class ratios. The bill takes effect on January 1 of the year following its enactment.