Bill Text: NY S01602 | 2017-2018 | General Assembly | Introduced

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Bill Title: Requires financial institutions to notify real property tax assessors when they take possession of real property receiving a STAR exemption.

Spectrum: Partisan Bill (Republican 4-0)

Status: (Engrossed - Dead) 2018-03-06 - REPORTED AND COMMITTED TO FINANCE [S01602 Detail]

Download: New_York-2017-S01602-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 1602                                                   A. 941
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                    January 10, 2017
                                       ___________
        IN  SENATE -- Introduced by Sens. LAVALLE, MARCHIONE, RITCHIE, SEWARD --
          read twice and ordered printed, and when printed to  be  committed  to
          the Committee on Local Government
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Real Property Taxation
        AN ACT to amend the real property tax law, in  relation  to  school  tax
          relief (STAR) exemptions
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Section 425 of the real property  tax  law  is  amended  by
     2  adding a new subdivision 17 to read as follows:
     3    17.  Financial  institution.  (a) Whenever a financial institution, as
     4  defined by paragraph (e) of subdivision two of  section  5-1501  of  the
     5  general  obligations law, takes possession of real property which quali-
     6  fies for an exemption pursuant to this section, such financial  institu-
     7  tion  shall  notify  the  assessor or other person having custody of the
     8  assessment roll in the locality in which such real property  is  located
     9  within  thirty days of taking such possession, upon which such exemption
    10  shall be immediately discontinued.
    11    (b) Any financial institution that violates any provision of paragraph
    12  (a) of this subdivision shall be liable  for  a  civil  penalty  not  to
    13  exceed five thousand dollars.
    14    §  2.  This  act shall take effect on the thirtieth day after it shall
    15  have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02101-01-7