WeVote
Log In

Bill

Bill

A 3701

Relates to classifying certain property held in cooperative form as class one properties for assessment purposes

2025 Regular Session Introduced by Robert Carroll and 2 co-sponsors

Would treat cooperative-housing properties as class one for property tax, changing assessments and bills for co-ops and residents, with potential local revenue effects.

REFERRED TO REAL PROPERTY TAXATION
0
WeVote Research Nonpartisan
Bill Summary · A 3701

Summary of Bill A 3701

Overview

Bill A 3701, introduced on January 30, 2025, is currently REFERRED TO REAL PROPERTY TAXATION. The bill’s title indicates it would classify certain property held in cooperative form as class one properties for assessment purposes. A related bill from the prior session, A 6372, is listed, suggesting continued interest in this topic.

Purpose and Intent

  • The primary aim is to change the assessment classification of property held in cooperative form (commonly known as cooperative housing) so that such properties are treated as class one properties for property tax assessment.
  • Class one designation typically reflects specific standards used by assessors to determine taxable value and may imply a different tax treatment than other classifications.

Key Provisions (as introduced)

  • The bill would amend the relevant real property tax framework to recognize cooperative-held property as class one properties.
  • The exact eligibility criteria, definitions, and implementation details would be set forth in the bill’s text, including how “property held in cooperative form” is defined and which cooperative structures are covered.
  • Administrative and procedural specifics (e.g., how assessments would be calculated, transition rules, and any grandfathering provisions) would be defined in the bill and any accompanying regulations.

Note: The provided summary does not include the bill’s full text, so precise language, thresholds, or transitional timelines are not available here. The above reflects the general intent indicated by the title and status.

Who Would Be Affected

  • Cooperative housing corporations and associations (the legal entities that own shares and provide proprietary leases to residents).
  • Residents or unit holders in cooperatives, who could experience changes in property tax assessments and related liabilities.
  • Local assessors, tax departments, and the state Department of Taxation/finance staff responsible for applying property tax classifications.

Potential Impacts

  • Tax Classification: A shift of cooperative properties into class one could alter assessed values and, consequently, property tax bills for affected properties.
  • Equity and Policy Considerations: The change may address perceived inequities between cooperatives and other forms of ownership (e.g., condominiums, rental properties) under current classifications.
  • Revenue Implications: Depending on local tax rates and the number of properties affected, there could be revenue impacts for municipalities and school districts.

Procedural and Timeline Notes

  • Status: Referred to Real Property Taxation (as of January 30, 2025).
  • Next steps typically include committee hearings, potential amendments, and floor consideration. If advanced, the bill would move to the full chamber for a vote and, if passed, to the other legislative house.

Related Legislation

  • A 6372 (prior-session) is listed as related, indicating prior efforts to achieve similar classification changes. Monitoring both bills will clarify evolving policy and drafting approaches.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.