S T A T E O F N E W Y O R K
Cal. No. 125
I N S E N A T E
January 22, 2014
Introduced by Sens. MARTINS, FARLEY, RITCHIE, VALESKY -- read twice and
ordered printed, and when printed to be committed to the Committee on
Local Government -- 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 a real proper-
ty tax exemption for farm dwellings owned by a limited liability
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (d) of subdivision 3 of section 425 of the real
property tax law, as added by chapter 443 of the laws of 2003, is
amended to read as follows:
(d) Farm dwellings not owned by the resident. (i) If legal title to
the farm dwelling is held by an S-corporation or by a C-corporation, the
exemption shall be granted if the property serves as the primary resi-
dence of a shareholder of such corporation.
(ii) If the legal title to the farm dwelling is held by a partnership,
the exemption shall be granted if the property serves as the primary
residence of one or more of the partners.
(iii) IF THE LEGAL TITLE TO THE FARM DWELLING IS HELD BY A LIMITED
LIABILITY COMPANY, THE EXEMPTION SHALL BE GRANTED IF THE PROPERTY SERVES
AS THE PRIMARY RESIDENCE OF ONE OR MORE OF THE OWNERS.
(IV) Any information deemed necessary to establish shareholder or
partner status for eligibility purposes shall be considered confidential
and exempt from the freedom of information law.
S 2. This act shall take effect January 1, 2015.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.