Bill Text: NY S05956 | 2009-2010 | General Assembly | Amended
Bill Title: Provides that multiple dwellings owned and operated by a mutual redevelopment company established pursuant to article five of the private housing finance law which contains a total of 2,800 or more dwelling units shall be eligible for tax exemption and abatement for improvements to eliminate fire and health hazards.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-06-08 - AMENDED ON THIRD READING 5956B [S05956 Detail]
Download: New_York-2009-S05956-Amended.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5956--B
Cal. No. 284
2009-2010 Regular Sessions
I N S E N A T E
June 19, 2009
___________
Introduced by Sen. KRUGER -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules -- recommitted to
the Committee on Local Government in accordance with Senate Rule 6,
sec. 8 -- committee discharged, bill amended, ordered reprinted as
amended and recommitted to said committee -- reported favorably from
said committee, ordered to first and second report, ordered to a third
reading, amended and ordered reprinted, retaining its place in the
order of third reading
AN ACT to amend the real property tax law, in relation to exemption from
taxation of alterations and improvements to certain multiple dwellings
to eliminate fire and health hazards
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Section 489 of the real property tax law is amended by
2 adding a new subdivision 4-d to read as follows:
3 4-D. (A) ANY SUCH LOCAL LAW MAY ALSO PROVIDE THAT A GROUP OF MULTIPLE
4 DWELLINGS WHICH IS OWNED AND OPERATED BY A MUTUAL REDEVELOPMENT COMPANY
5 ESTABLISHED PURSUANT TO ARTICLE FIVE OF THE PRIVATE HOUSING FINANCE LAW
6 WHICH CONTAINS A TOTAL OF TWENTY-EIGHT HUNDRED OR MORE DWELLING UNITS
7 SHALL BE ELIGIBLE FOR TAX EXEMPTION AND ABATEMENT FOR THE REPLACEMENT
8 AND IMPROVEMENT OF THE EXISTING HEATING, VENTILATION AND AIR COOLING
9 SYSTEM AND ASSOCIATED ASBESTOS ABATEMENT OR REMOVAL AS PROVIDED IN THIS
10 SUBDIVISION.
11 (B) ANY INCREASE IN ASSESSED VALUATION RESULTING FROM THE REPLACEMENT
12 AND IMPROVEMENT OF THE EXISTING HEATING, VENTILATION AND AIR COOLING
13 SYSTEM AND ASSOCIATED ASBESTOS ABATEMENT OR REMOVAL TO ONE OR MORE
14 MULTIPLE DWELLINGS WHICH ARE OWNED AND OPERATED BY A MUTUAL REDEVELOP-
15 MENT COMPANY AS DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE
16 EXEMPT FROM TAXATION FOR LOCAL PURPOSES. SUCH EXEMPTION SHALL BE EQUAL
17 TO THE INCREASE IN THE VALUATION WHICH IS SUBJECT TO EXEMPTION UNDER
18 THIS PARAGRAPH FOR THIRTY YEARS. AFTER SUCH PERIOD OF TIME, THE AMOUNT
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD14258-05-0
S. 5956--B 2
1 OF SUCH EXEMPTED ASSESSED VALUE SHALL BE REDUCED BY TWENTY PERCENT IN
2 EACH SUCCEEDING YEAR UNTIL THE ASSESSED VALUE OF THE ALTERATIONS OR
3 IMPROVEMENTS IS FULLY TAXABLE. SUCH EXEMPTION MAY COMMENCE AT THE BEGIN-
4 NING OF ANY TAX QUARTER SUBSEQUENT TO THE START OF SUCH ALTERATIONS OR
5 IMPROVEMENTS. IN NO EVENT SHALL SUCH ALTERATIONS OR IMPROVEMENTS DIRECT-
6 LY OR INDIRECTLY RESULT IN AN EQUALIZATION INCREASE IN THE ASSESSED
7 VALUATION OF ANY MULTIPLE DWELLING FORMING PART OF THE MUTUAL REDEVELOP-
8 MENT COMPANY WHERE SUCH ALTERATIONS OR IMPROVEMENTS ARE PERFORMED.
9 (C) THE ABATEMENT OF TAXES IN A MUTUAL REDEVELOPMENT COMPANY DESCRIBED
10 IN PARAGRAPH (A) OF THIS SUBDIVISION, INCLUDING THE LAND, SHALL NOT
11 EXCEED THE GREATER OF (I) ONE HUNDRED FIFTY PER CENTUM OF THE CERTIFIED
12 REASONABLE COST OF THE REPLACEMENT AND IMPROVEMENT OF THE EXISTING HEAT-
13 ING, VENTILATION AND AIR COOLING SYSTEM AND ASSOCIATED ASBESTOS ABATE-
14 MENT OR REMOVAL, AS DETERMINED UNDER THE REGULATIONS OF THE LOCAL HOUS-
15 ING AGENCY ADMINISTERING THE LOCAL LAW, OR (II) THIRTY-FIVE PER CENTUM
16 OF THE ACTUAL CONTRACTED CONSTRUCTION COST OF ALL ALTERATIONS OR
17 IMPROVEMENTS MADE TO AND IN CONJUNCTION WITH THE REPLACEMENT OF THE
18 EXISTING HEATING, VENTILATION AND AIR COOLING SYSTEM AND ASBESTOS ABATE-
19 MENT OR REMOVAL, WHETHER OR NOT SUCH ITEMS ARE CURRENTLY IDENTIFIED IN
20 THE REGULATIONS OF THE LOCAL HOUSING AGENCY. SUCH ABATEMENT SHALL NOT BE
21 EFFECTIVE FOR MORE THAN TWENTY YEARS AND THE ANNUAL ABATEMENT OF TAXES
22 IN ANY CONSECUTIVE TWELVE-MONTH PERIOD SHALL NOT BE GREATER THAN EIGHT
23 AND ONE-THIRD PER CENTUM OF THE TOTAL ABATEMENT GRANTED AND SHALL NOT
24 EXCEED THE AMOUNT OF TAXES PAYABLE IN SUCH CONSECUTIVE TWELVE-MONTH
25 PERIOD. THE TOTAL ABATEMENT FOR THE PROJECT SHALL NOT EXCEED
26 TWENTY-EIGHT MILLION DOLLARS. SUCH ABATEMENT SHALL BEGIN NO SOONER THAN
27 THE FIRST QUARTERLY TAX BILL IMMEDIATELY FOLLOWING THE COMPLETION OF
28 SUCH ALTERATIONS OR IMPROVEMENTS. THE LIMITATIONS SET FORTH IN SUBDIVI-
29 SION FOUR OF THIS SECTION FOR MULTIPLE DWELLINGS, BUILDINGS AND STRUC-
30 TURES OWNED AS COOPERATIVES SHALL BE INAPPLICABLE TO BENEFITS GRANTED
31 PURSUANT TO THIS SUBDIVISION.
32 (D) IN THE EVENT THAT MULTIPLE ALTERATIONS OR IMPROVEMENTS ARE UNDER-
33 TAKEN IN A MUTUAL REDEVELOPMENT COMPANY DESCRIBED IN PARAGRAPH (A) OF
34 THIS SUBDIVISION, AND SEPARATE APPLICATIONS FOR BENEFITS THEREFOR ARE
35 MADE, ALL REQUIREMENTS CONCERNING PHYSICAL CONDITION OF AND COMPLIANCE
36 WITH LAW BY THE MULTIPLE DWELLINGS IN SUCH REDEVELOPMENT COMPANY SHALL
37 APPLY ONLY UPON COMPLETION OF ALL SUCH ALTERATIONS OR IMPROVEMENTS,
38 PROVIDED THAT ALL SUCH ALTERATIONS OR IMPROVEMENTS ARE COMPLETED WITHIN
39 SIX YEARS.
40 (E) EXCEPT AS PROVIDED IN THIS SUBDIVISION, ALL OF THE REQUIREMENTS
41 IMPOSED BY THIS SECTION ON PROJECTS DESCRIBED IN PARAGRAPH (A) OF SUBDI-
42 VISION ONE OF THIS SECTION SHALL BE APPLICABLE TO ALTERATIONS OR
43 IMPROVEMENTS GRANTED BENEFITS PURSUANT TO THIS SUBDIVISION BUT NONE OF
44 THE LIMITATIONS OF PARAGRAPHS (B) AND (C) OF SUBDIVISION ELEVEN OF THIS
45 SECTION SHALL BE APPLICABLE.
46 (F) THIS SUBDIVISION SHALL BE APPLICABLE ONLY TO ALTERATIONS OR
47 IMPROVEMENTS COMPLETED PRIOR TO DECEMBER THIRTY-FIRST, TWO THOUSAND
48 FIFTEEN.
49 S 2. This act shall take effect immediately.
