Bill Text: NY A09589 | 2015-2016 | General Assembly | Introduced
Bill Title: Relates to creating a vacant redevelopment commercial property exemption.
Spectrum: Partisan Bill (Republican 8-0)
Status: (Introduced - Dead) 2016-05-24 - held for consideration in real property taxation [A09589 Detail]
Download: New_York-2015-A09589-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9589 IN ASSEMBLY March 21, 2016 ___________ Introduced by M. of A. RA -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law and the tax law, in relation to vacant redeveloped commercial property exemptions 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 421-o to read as follows: 3 § 421-o. Vacant redeveloped commercial property exemptions. 1. Real 4 property that is constructed, altered, or improved upon vacant land 5 subsequent to the first day of January, two thousand seventeen for the 6 purpose of commercial, business or industrial activity shall be exempt 7 from taxation and special ad valorem levies, to the extent hereinafter 8 provided. For the purposes of these exemptions, the following terms 9 shall have the following meanings: (a) "vacant land" means land, includ- 10 ing land under water, which contains no enclosed, permanent improvement 11 that has been neglected or abandoned for a period of eighteen months or 12 more; and (b) "predominantly vacant land" means land, including land 13 under water, that has been neglected or abandoned for a period of eigh- 14 teen months or more on which not more than fifteen percent of the lot 15 area contains enclosed, permanent improvements; in addition, such land 16 may include existing foundations. 17 2. (a) (i) For real property that is newly constructed, improved and 18 on vacant land and the value of the construction exceeds two million, 19 such real property shall be exempt for a period of five years to the 20 extent of fifty per centum of the increase in assessed value thereof 21 attributable to such construction and for an additional period of five 22 years provided, however, that the extent of such exemption shall be 23 decreased by twenty-five per centum. Such exemption shall be computed 24 with respect to the "exemption base." The exemption base shall be the 25 increase in assessed value as determined in the initial year of such ten 26 year period following the filing of an original application. 27 The following table shall illustrate the computation of the tax 28 exemption: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD13522-05-6
