senate Bill S194

Relates to the assessed valuation of certain real property used for residential real property in the county of Orleans

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 05 / Jan / 2011
    • REFERRED TO LOCAL GOVERNMENT
  • 04 / Jan / 2012
    • REFERRED TO LOCAL GOVERNMENT

Summary

Exempts Orleans county from the requirement that the assessed value of residential real property used for rental purposes take into account the impact of any rent restrictions, affordability requirements or other restrictions prescribed by federal, state or municipal programs.

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Bill Details

Versions:
S194
Legislative Cycle:
2011-2012
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง581-a, RPT L
Versions Introduced in 2009-2010 Legislative Cycle:
S1419

Sponsor Memo

BILL NUMBER:S194

TITLE OF BILL:
An act
to amend the real property tax law, in relation to the assessed valuation
of certain real property used for residential real property in the
county of Orleans

PURPOSE:
To exempt Orleans county from a law requiring that the assessed value
of residential real property used for rental purposes take into
account the impact of any rent restrictions, affordability
requirements or any other restrictions prescribed by federal, state
or municipal programs.

SUMMARY OF PROVISIONS:
Section 1 of the bill exempts Orleans county from the law requiring
that the assessed value of residential real property used for rental
purposes take into account the impact of any rent restrictions,
affordability requirements or any other restrictions prescribed by
federal, state or municipal programs. Section 2 is the effective date.

JUSTIFICATION:
While the existing law is extremely well intentioned in providing
affordable housing in higher income and larger populated areas, the
offshoot occurs when a project occurs in a much smaller County, such
as Orleans. In this instance the current exemption would severely
effect the Town the project takes part in, the local school district,
and the County itself. This legislation merely exempts Orleans county
from this law, much the same way New York City was exempted in the
original bill.

LEGISLATIVE HISTORY:
S.2031 2007/2008; Referred to Local Government
S.1419 of 2009/2010; Referred to Local Government

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE:
Immediately and shall apply to taxable status dates occurring on or
after January first next succeeding the date this act shall have
become law.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   194

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen. MAZIARZ -- 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  assessed
  valuation  of certain real property used for residential real property
  in the county of Orleans

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  581-a  of the real property tax law, as added by
chapter 714 of the laws of 2005, is amended to read as follows:
  S 581-a. Assessment of residential real property. Notwithstanding  any
other provision of law, the assessed valuation of real property used for
residential  rental  purposes where at least twenty percent of the resi-
dential units are subject to  an  agreement  with  a  municipality,  the
state,  the  federal  government,  or  an instrumentality thereof, which
agreement restricts occupancy of those units to tenants who  qualify  in
accordance  with  an  income  test, shall be determined using the income
approach as applied to the actual net operating income, after  deducting
for  reserves required by any federal, state or municipal programs.  THE
PROVISIONS OF THIS SECTION SHALL NOT APPLY IN THE COUNTY OF ORLEANS. For
the purposes of this section "net operating income" shall mean the actu-
al or anticipated net income that remains after all  operating  expenses
are  deducted  from  effective  gross  income,  but before mortgage debt
service and book depreciation are deducted. The  assessed  valuation  of
real  property used for such residential rental purposes shall be deter-
mined using the actual net  operating  income,  and  shall  not  include
federal,  state  or  municipal  income  tax credits, subsidized mortgage
financing, or project grants, where such subsidies are  used  to  offset
the project development cost in order to provide for lower initial rents
as  determined by regulations promulgated by the division of housing and
community renewal.
  S 2. This act shall take effect immediately and shall apply to taxable
status dates occurring on or after the first of January next  succeeding
the date on which it shall have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01650-01-1

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