Bill Text: NY S05984 | 2021-2022 | General Assembly | Introduced

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Bill Title: Authorizes the town of Southampton, county of Suffolk, to enact by local law a homestead exemption; provides that such exemption shall not exceed $50,000 in full assessed value; authorizes a cap on all annual assessment increases for residential property, not to exceed five percent.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S05984 Detail]

Download: New_York-2021-S05984-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

            S. 5984                                                  A. 6667

                               2021-2022 Regular Sessions

                SENATE - ASSEMBLY

                                     March 25, 2021
                                       ___________

        IN SENATE -- Introduced by Sen. PALUMBO -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Local Govern-
          ment

        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Real Property Taxation

        AN ACT authorizing the town of Southampton, county of Suffolk, to  enact
          by  a  local law a homestead exemption and cap on assessment increases
          for real property tax purposes

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Notwithstanding any provision of law to the contrary, the
     2  town of Southampton, county of Suffolk may enact by local  law  a  home-
     3  stead  exemption  from real property taxation as provided herein. Eligi-
     4  bility for such homestead exemption shall be the same as for  the  basic
     5  school  tax relief (STAR) exemption pursuant to subdivision 3 of section
     6  425 of the real property tax law. The exemption shall be uniform for all
     7  eligible real property and shall not exceed  $50,000  in  full  assessed
     8  value.
     9    §  2.  In  addition to the homestead exemption provided for in section
    10  one of this act, the town of Southampton also  may  enact  a  local  law
    11  providing  for  a cap on all annual assessment increases for residential
    12  property, attributable solely to market trend adjustments, not to exceed
    13  five percent. This section shall not affect other assessment adjustments
    14  attributable to other factors  unrelated  to  market  trends.  Upon  the
    15  transfer  of any such real property, the assessment of any such property
    16  shall be reassessed pursuant to section 305 of the real property tax law
    17  at the full value or at the uniform percentage of value  without  regard
    18  to this section.
    19    § 3. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09778-02-1