Bill Text: NY A00384 | 2019-2020 | General Assembly | Introduced

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Bill Title: Allows certain villages to enact a tax exemption for newly developed single-family and multi-family residential properties over the first five years the property is reassessed based on the difference in assessments.

Spectrum: Moderate Partisan Bill (Democrat 7-2)

Status: (Introduced - Dead) 2020-01-08 - referred to real property taxation [A00384 Detail]

Download: New_York-2019-A00384-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           384
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                       (Prefiled)
                                     January 9, 2019
                                       ___________
        Introduced by M. of A. STIRPE -- read once and referred to the Committee
          on Real Property Taxation
        AN  ACT  to  amend  the  real  property tax law, in relation to allowing
          certain villages to  enact  a  tax  exemption  for  newly  constructed
          single-family  and  multi-family residential properties; and providing
          for the repeal of such provisions upon expiration thereof
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 485-u to read as follows:
     3    § 485-u. Newly constructed single-family and multi-family  residential
     4  exemption;  certain villages. 1. Single-family and multi-family residen-
     5  tial properties constructed subsequent to the effective date of a  local
     6  law  adopted pursuant to this section shall be exempt from village taxes
     7  to the extent provided in this section.  After  a  public  hearing,  the
     8  governing  board of a village with a population greater than three thou-
     9  sand four hundred forty and less than three thousand four hundred fifty,
    10  based upon the two thousand  ten  federal  census  may,  by  local  law,
    11  provide  for the exemption of real property from taxation as provided in
    12  this section. A copy of such local law shall be filed with  the  commis-
    13  sioner and the assessor of such municipality who prepares the assessment
    14  roll on which the taxes of such municipality are levied.
    15    2.  (a)(i)  Eligible  newly constructed single-family and multi-family
    16  residential property shall be exempt according to the  following  sched-
    17  ule:
    18      CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY
    19                      Year of exemption   Exemption
    20                            1                25%
    21                            2                20%
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00547-01-9
        A. 384                              2
     1                            3                15%
     2                            4                10%
     3                            5                 5%
     4    (ii)  Such  exemption  shall  apply solely to the increase in assessed
     5  value thereof attributable to the construction of the single-family  and
     6  multi-family residential property.
     7    (b) No such exemption shall be granted unless:
     8    (i)  Such  construction  occurred  on  vacant, predominantly vacant or
     9  under-utilized land; and
    10    (ii) Such construction commenced on or after the effective date of the
    11  local law described in subdivision one of this  section,  but  no  later
    12  than five years after the effective date of this section.
    13    3.  Application  for exemption   under this section shall be made on a
    14  form prescribed by the commissioner and filed with such assessor  on  or
    15  before  the  applicable taxable status date and within one year from the
    16  date of completion of such construction.
    17    4. If such assessor is satisfied that the applicant is entitled to  an
    18  exemption pursuant to this section, he or she shall approve the applica-
    19  tion  and such real property shall thereafter be exempt from taxation as
    20  provided in this section commencing with the  assessment  roll  prepared
    21  after  the  taxable status date referred to in subdivision three of this
    22  section. The assessed value of any exemption granted  pursuant  to  this
    23  section shall be entered by the assessor on the assessment roll with the
    24  taxable  property,  with the amount of the exemption shown in a separate
    25  column.
    26    5. The provisions of this section shall apply to real property used as
    27  the primary residence of the owner.
    28    6. A local law adopted pursuant to this section may be repealed by the
    29  governing body of the applicable village. In the event of such a repeal,
    30  the exemption granted pursuant to this section shall cease.
    31    § 2. This act shall take effect immediately; provided,  however,  that
    32  this  act  shall  expire and be deemed repealed ten years after it shall
    33  have become a law.