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A 3812

Relates to the taxation of property owned by a cooperative corporation

2025 Regular Session Introduced by Dave McDonough and 2 co-sponsors

A3812 would change how property owned by cooperative corporations is taxed, altering assessments for co-op owners and potentially local tax revenues.

REFERRED TO REAL PROPERTY TAXATION
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WeVote Research Nonpartisan
Bill Summary · A 3812

Bill Summary — A 3812

Title: Relates to the taxation of property owned by a cooperative corporation

Status: Referred to Real Property Taxation

Introduced: January 30, 2025

Version content / Legislative actions:
- 2025-01-30: REFERRED TO REAL PROPERTY TAXATION (listed twice in the record)
- This indicates the bill is at an early stage and has been assigned to the committee with the real property taxation jurisdiction.

** Sponsors:**
- Jaime R. Williams (primary)
- Michael Novakhov (cosponsor)
- David McDonough (cosponsor)

Related bills (prior-session and companion):
- A 5484, A 682, A 4981, A 5724, A 10730, A 2874, A 5221, A 3491, A 1292 (prior-session)
- S 5460 (companion)

Purpose and intent

  • The bill, by title, addresses how property owned by a cooperative corporation is taxed. The exact statutory changes are not provided in the available materials, but the aim appears to be adjusting the taxation framework applicable to cooperative-owned property.

  • The presence of multiple related bills from prior sessions and a companion Senate bill (S 5460) suggests this is part of an ongoing policy discussion about co-ops and property taxation.

Key provisions and changes (availability of text)

  • The specific statutory provisions, definitions, assessment rules, exemptions, or rate adjustments that A 3812 would implement are not included in the materials provided. Therefore, the precise changes to current law, how cooperative-property assessments would be calculated, and any transitional provisions are not known from this summary.

  • If enacted, potential areas such bills typically address may include: defining “cooperative corporation” for tax purposes, determining when property is taxable, specifying assessment methodology, and establishing transition timelines or exemptions. However, these are speculative in the absence of the bill’s text.

Who would be affected

  • Primary affected: cooperative corporations that own real property, and the shareholders or members of those cooperatives who rely on or experience changes in property tax assessments or bills.

  • Other potential impacts: local governments and school districts (through property tax revenue); lenders and professional service providers involved in cooperative housing transactions.

Procedural and timeline considerations

  • Status indicates the bill has been introduced and referred to the Real Property Taxation committee. There is no information yet on hearings, amendments, or voting timelines.

  • The existence of multiple related bills and a companion S 5460 indicates ongoing legislative interest and potential for convergence or compromise across sessions.

Next steps / questions for stakeholders

  • When will the text of A 3812 be released to analyze the exact changes proposed?
  • How would the bill change current assessments, exemptions, or tax rates for co-op properties?
  • What would be the fiscal impact on local governments and on cooperative residents?
  • How do the related bills (A 5484, A 682, S 5460, etc.) differ or align with A 3812?

This summary provides an accessible overview based on the available bill metadata. For a complete understanding, the bill text and any fiscal notes or committee memos will be essential once released.

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

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