Bill Text: NY S07963 | 2009-2010 | General Assembly | Introduced

New York Senate Bill 7963 (Prior Session Legislation)

Introduced

Bill Title: Establishes a real property tax exemption for the value of a new single family dwelling which is unsold to a buyer who will reside therein.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-05-27 - REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT [S07963 Detail]

Download: New_York-2009-S07963-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7963
                                   I N  S E N A T E
                                     May 27, 2010
                                      ___________
       Introduced  by  Sen.  LIBOUS -- read twice and ordered printed, and when
         printed to be committed to the Committee on Housing, Construction  and
         Community Development
       AN  ACT  to amend the real property tax law, in relation to establishing
         an exemption for newly constructed single family residential  property
         until sale
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1.  Legislative  intent.  The  legislature  hereby  finds  and
    2  declares  that the construction and sale of detached single family resi-
    3  dences is an integral part of the economy of this state,  and  that  new
    4  home construction fosters economic development throughout the state. The
    5  residential  construction  permits  for  new  construction  have dropped
    6  precipitously. It is the intent of  the  legislature  to  exempt  unsold
    7  newly constructed homes in order to promote such development.
    8    S  2.  The  real  property  tax law is amended by adding a new section
    9  421-1 to read as follows:
   10    S 421-1. EXEMPTION OF CERTAIN NEWLY CONSTRUCTED SINGLE FAMILY RESIDEN-
   11  TIAL PROPERTY. 1. A COUNTY, CITY, TOWN OR VILLAGE MAY BY LOCAL LAW, OR A
   12  SCHOOL DISTRICT MAY BY RESOLUTION PROVIDE THAT THE EXEMPTION UNDER  THIS
   13  SECTION  SHALL  BE  APPLICABLE  WITHIN  ITS JURISDICTION. A COPY OF SUCH
   14  LOCAL LAW OR RESOLUTION SHALL BE FILED WITH THE OFFICE OF REAL  PROPERTY
   15  SERVICES.
   16    2. RESIDENTIAL BUILDING LOTS WHICH ARE IMPROVED BY A NEWLY CONSTRUCTED
   17  DETACHED  SINGLE  FAMILY  RESIDENCE  WHICH  WAS  NOT  CONSTRUCTED  UNDER
   18  CONTRACT WITH A PURCHASER AND WHICH IS OFFERED FOR SALE BY  THE  BUILDER
   19  OR  DEVELOPER  SHALL  BE  EXEMPT  FROM  TAXATION  TO  THE  EXTENT OF THE
   20  INCREASED VALUE OF SUCH LOT RESULTING FROM THE  ADDITION  OF  THE  NEWLY
   21  CONSTRUCTED  DETACHED  SINGLE  FAMILY RESIDENCE FROM A PERIOD UNTIL SUCH
   22  PROPERTY IS SOLD OR OTHERWISE OCCUPIED AS A RESIDENCE, BUT IN  NO  EVENT
   23  LONGER  THAN  THREE YEARS FROM THE GRANTING OF THE EXEMPTION PURSUANT TO
   24  THIS SECTION.
   25    3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
   26  OF  THE  REAL  PROPERTY  ON  A FORM PRESCRIBED AND MADE AVAILABLE BY THE
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD17416-01-0
       S. 7963                             2
    1  OFFICE OF REAL PROPERTY SERVICES. THE APPLICANT SHALL FILE SUCH INFORMA-
    2  TION AS IS REQUIRED BY THE OFFICE OF REAL PROPERTY  SERVICES  INCLUDING,
    3  BUT NOT LIMITED TO, PROOF THAT THE OWNER OF SUCH PROPERTY IS DOING BUSI-
    4  NESS  AS A BUILDER OR DEVELOPER OF RESIDENTIAL PROPERTY. THE APPLICATION
    5  SHALL BE FILED WITH THE ASSESSOR OF THE APPROPRIATE ASSESSING UNIT. SUCH
    6  APPLICATION SHALL BE FILED ON OR BEFORE THE APPROPRIATE  TAXABLE  STATUS
    7  DATE OF SUCH ASSESSING UNIT AND NOT LATER THAN ONE YEAR FROM THE DATE OF
    8  COMPLETION OF CONSTRUCTION OF SUCH DETACHED SINGLE FAMILY RESIDENCE.
    9    4.  IF  THE  ASSESSOR RECEIVES AN APPLICATION BY THE OWNER OF THE REAL
   10  PROPERTY, AND  IS  SATISFIED  THAT  THE  APPLICANT  IS  ENTITLED  TO  AN
   11  EXEMPTION  PURSUANT  TO  THIS  SECTION,  THE  ASSESSOR SHALL APPROVE THE
   12  APPLICATION AND SUCH REAL PROPERTY SHALL THEREAFTER BE EXEMPT FROM TAXA-
   13  TION AS PROVIDED IN THIS SECTION COMMENCING WITH THE TAX  ROLL  PREPARED
   14  AFTER  THE  TAXABLE STATUS DATE. THE ASSESSED VALUE OF ANY REAL PROPERTY
   15  GRANTED AN EXEMPTION PURSUANT TO THIS SECTION SHALL BE  ENTERED  BY  THE
   16  ASSESSOR  ON THE TAX ROLL, WITH THE AMOUNT OF THE EXEMPTION ENTERED IN A
   17  SEPARATE COLUMN.
   18    5. THE PROVISIONS OF THIS SECTION SHALL NOT APPLY TO  A  CITY  WITH  A
   19  POPULATION OF ONE MILLION OR MORE.
   20    S 3. This act shall take effect immediately.