Bill Text: NY S06255 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to the assessment of residential real property transferred from a charitable nonprofit housing organization to low-income persons.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2024-03-28 - PRINT NUMBER 6255A [S06255 Detail]

Download: New_York-2023-S06255-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6255

                               2023-2024 Regular Sessions

                    IN SENATE

                                     April 10, 2023
                                       ___________

        Introduced  by  Sen. HINCHEY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the real property tax law, in relation to the assessment
          of residential real property transferred from a  charitable  nonprofit
          housing organization to low-income persons

          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 581-c to read as follows:
     3    §  581-c.  Assessment  of residential real property transferred from a
     4  charitable nonprofit housing organization to a low-income person. 1.  As
     5  used in this section:
     6    (a) "Charitable nonprofit housing  organization"  means  a  charitable
     7  nonprofit  organization  whose  primary  purpose  is the construction or
     8  renovation of residential housing for conveyance to a low-income person.
     9    (b) "Eligible nonprofit housing property" or "property" means property
    10  owned by a charitable nonprofit housing organization, the  ownership  of
    11  which  the charitable nonprofit housing organization intends to transfer
    12  to a low-income person after construction or renovation of the  property
    13  is completed.
    14    (c)  "Low-income person" means a person with a household income of not
    15  more than eighty percent of the area median  income  (AMI)  as  annually
    16  defined  by  the  United States department of housing and urban develop-
    17  ment, who is eligible to participate in the charitable nonprofit housing
    18  organization's program based on criteria established by  the  charitable
    19  nonprofit housing organization.
    20    (d)  "Initial taxable value" and "initial assessed value" means, for a
    21  transfer of  eligible  nonprofit  housing  property  from  a  charitable
    22  nonprofit  housing organization to a low-income person that occurs on or
    23  after January first, two thousand twenty-four, the initial taxable value
    24  and initial assessed value of  the  property  shall  be  the  subsidized

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08607-02-3
        S. 6255                             2

     1  purchase  price  as  defined by the first mortgage amount filed with the
     2  county clerk, plus the cash down payment paid by the purchaser, as docu-
     3  mented by closing statement or sworn affidavit  filed  with  the  county
     4  clerk  or  local  assessor's  office by the seller's attorney, and shall
     5  become fair market value for that property on the assessment rolls.
     6    (e) "Subsequent taxable value" and "subsequent assessed value"  means,
     7  in years subsequent to the calendar year of the transfer, the property's
     8  assessed  value  shall  remain  based  on  the initial taxable value and
     9  initial assessed value plus the actual  costs  of  capital  improvements
    10  made,  if  any,  until  the  property  is  transferred  from the initial
    11  purchaser. Receipts for the costs of capital improvement made,  if  any,
    12  shall  be  substantiated  by  receipts  of  same. In the absence of such
    13  receipts, an assessed value of the property shall be used.
    14    2. For a transfer of each eligible nonprofit housing property  from  a
    15  charitable  nonprofit  housing  organization to a low-income person that
    16  occurs on or after January first, two thousand twenty-four, the  initial
    17  taxable  value and initial assessed value, as defined in subdivision one
    18  of this section, shall be the presumptive true cash value of the proper-
    19  ty. In the year immediately succeeding the year in which the transfer of
    20  the property occurs and each year thereafter, the presumptive cash value
    21  of the property shall be the subsequent  taxable  value  and  subsequent
    22  assessed  value,  as  defined  in  subdivision one of this section.  Any
    23  reassessment of the property shall be consistent with the initial  taxa-
    24  ble value and initial assessed value or the subsequent taxable value and
    25  the  subsequent  assessed  value,  as defined in subdivision one of this
    26  section.
    27    § 2. This act shall take effect immediately.