Bill
A 3124
Summary of New York Assembly Bill A 3124 OverviewAssembly Bill A 3124, introduced on January 9, 2024, relates to the taxation of property owned by cooperative corporations in New Y
Assembly Bill A 3124, introduced on January 9, 2024, relates to the taxation of property owned by cooperative corporations in New York state. The bill aims to modify the existing laws governing the assessment and taxation of cooperative housing units.
The main elements of A 3124 include:
Assessment Methodology: The bill would require that cooperative properties be assessed based on the price that a unit could reasonably be expected to sell for on the open market, rather than the underlying value of the entire cooperative building.
Tax Exemptions: The legislation would expand eligibility for certain property tax exemptions and abatements to apply to individual cooperative units, rather than just the overall cooperative corporation.
Reporting Requirements: Cooperative corporations would be required to annually report financial and operational data about the building to local tax assessors to facilitate proper unit-level assessments.
If enacted, A 3124 would primarily impact:
Cooperative Homeowners: The bill is intended to provide tax relief and more equitable treatment for individual owners of cooperative housing units.
Cooperative Corporations: These entities would face new reporting requirements and changes to how their properties are assessed for taxation purposes.
Local Governments: Municipal tax assessors would need to adjust their processes to perform unit-level assessments for cooperative properties rather than blanket valuations.
A 3124 has been referred to the New York State Assembly's Committee on Real Property Taxation for further consideration. It has a companion bill, S 2528, which has been introduced in the State Senate.
This legislation builds on previous efforts, including A 8183 from the prior legislative session, to reform the taxation of cooperative housing in New York.
Compiled from official sources — confirm details with the bill’s official record.
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