Assembly Bill A7570A

Signed By Governor
2015-2016 Legislative Session

Authorizes a residential redevelopment inhibited property exemption in certain cities

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Archive: Last Bill Status Via S5196 - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-A7570 - Details

See Senate Version of this Bill:
S5196
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-r, RPT L

2015-A7570 - Summary

Authorizes a residential redevelopment inhibited property exemption in certain cities.

2015-A7570 - Bill Text download pdf

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

                                  7570

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2015
                               ___________

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

AN  ACT to amend the real property tax law, in relation to authorizing a
  residential redevelopment  inhibited  property  exemption  in  certain
  cities

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

  Section 1. The real property tax  law  is  amended  by  adding  a  new
section 485-r to read as follows:
  S  485-R.  RESIDENTIAL  REDEVELOPMENT  INHIBITED  PROPERTY  EXEMPTION;
CERTAIN CITIES. 1. AS USED IN THIS SECTION, THE  FOLLOWING  TERMS  SHALL
HAVE THE FOLLOWING MEANINGS:
  (A)  "REDEVELOPMENT INHIBITED PROPERTY" SHALL MEAN A RESIDENTIAL PROP-
ERTY THAT HAS BEEN NEGLECTED OR ABANDONED BECAUSE OF THE LOCAL  ECONOMIC
CONDITIONS  AND/OR CONDITIONS ON THE PROPERTY THAT INHIBIT SUCH PROPERTY
FROM BEING REDEVELOPED BY THE PRIVATE  SECTOR.  REDEVELOPMENT  INHIBITED
PROPERTY SHALL NOT INCLUDE LAND THAT IS UNDEVELOPED.
  (B)  "GAP FINANCING COSTS" SHALL MEAN THE TOTAL COST OF THE PROPERTY'S
REDEVELOPMENT AS APPROVED BY THE CITY MINUS THE  INCREASE  IN  THE  FULL
VALUATION OF THE PROPERTY UPON COMPLETION OF THE REDEVELOPMENT.
  (C) "BASE ASSESSMENT" SHALL MEAN THE ASSESSED VALUE OF THE PROPERTY ON
THE DAY THE CITY DESIGNATES THE PROPERTY AS REDEVELOPMENT INHIBITED.
  (D)  "INCREASED ASSESSMENT" SHALL MEAN THE ASSESSED VALUE OF THE PROP-
ERTY AS DETERMINED BY THE ASSESSOR UPON COMPLETION OF THE REDEVELOPMENT.
  (E) "INCREMENTAL INCREASE IN ANNUAL PROPERTY  TAXES"  SHALL  MEAN  THE
TAXES  BASED  ON  THE  INCREASED ASSESSMENT MINUS THE TAXES BASED ON THE
BASE ASSESSMENT.
  (F) "CITY" SHALL MEAN CITIES  WITH  A  POPULATION  OF  NOT  LESS  THAN
FIFTEEN THOUSAND AND NOT MORE THAN SIXTEEN THOUSAND AS DETERMINED BY THE
FEDERAL DECENNIAL CENSUS FOR THE YEAR TWO THOUSAND TEN.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10793-01-5

              

2015-A7570A (ACTIVE) - Details

See Senate Version of this Bill:
S5196
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-r, RPT L

2015-A7570A (ACTIVE) - Summary

Authorizes a residential redevelopment inhibited property exemption in certain cities.

2015-A7570A (ACTIVE) - Bill Text download pdf

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

                                 7570--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              May 19, 2015
                               ___________

Introduced by M. of A. HAWLEY -- read once and referred to the Committee
  on  Real  Property  Taxation  --  committee  discharged, bill amended,
  ordered reprinted as amended and recommitted to said committee

AN ACT to amend the real property tax law, in relation to authorizing  a
  residential  redevelopment  inhibited  property  exemption  in certain
  cities

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

  Section  1.  The  real  property  tax  law  is amended by adding a new
section 485-r to read as follows:
  S  485-R.  RESIDENTIAL  REDEVELOPMENT  INHIBITED  PROPERTY  EXEMPTION;
CERTAIN  CITIES.  1.  AS USED IN THIS SECTION, THE FOLLOWING TERMS SHALL
HAVE THE FOLLOWING MEANINGS:
  (A) "REDEVELOPMENT INHIBITED PROPERTY" SHALL MEAN A RESIDENTIAL  PROP-
ERTY  THAT HAS BEEN NEGLECTED OR ABANDONED BECAUSE OF THE LOCAL ECONOMIC
CONDITIONS AND/OR CONDITIONS ON THE PROPERTY THAT INHIBIT SUCH  PROPERTY
FROM  BEING  REDEVELOPED  BY THE PRIVATE SECTOR. REDEVELOPMENT INHIBITED
PROPERTY SHALL NOT INCLUDE LAND THAT IS UNDEVELOPED.
  (B) "GAP FINANCING COSTS" SHALL MEAN THE TOTAL COST OF THE  PROPERTY'S
REDEVELOPMENT  AS  APPROVED  BY  THE CITY MINUS THE INCREASE IN THE FULL
VALUATION OF THE PROPERTY UPON COMPLETION OF THE REDEVELOPMENT.
  (C) "BASE ASSESSMENT" SHALL MEAN THE ASSESSED VALUE OF THE PROPERTY ON
THE DAY THE CITY DESIGNATES THE PROPERTY AS REDEVELOPMENT INHIBITED.
  (D) "INCREASED ASSESSMENT" SHALL MEAN THE ASSESSED VALUE OF THE  PROP-
ERTY AS DETERMINED BY THE ASSESSOR UPON COMPLETION OF THE REDEVELOPMENT.
  (E)  "INCREMENTAL  INCREASE  IN  ANNUAL PROPERTY TAXES" SHALL MEAN THE
TAXES BASED ON THE INCREASED ASSESSMENT MINUS THE  TAXES  BASED  ON  THE
BASE ASSESSMENT.
  (F)  "CITY"  SHALL  MEAN  CITIES  WITH  A  POPULATION OF NOT LESS THAN
FIFTEEN THOUSAND TWO HUNDRED FIFTY AND NOT MORE  THAN  FIFTEEN  THOUSAND

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10793-03-5

              

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