Assembly Bill A8788

2009-2010 Legislative Session

Relates to exemption from taxation of alterations and improvements to certain multiple dwellings to eliminate fire and health hazards

download bill text pdf

Archive: Last Bill Status - In Assembly Committee

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

Please enter your contact information

First Name

Last Name

Email Address

A valid email address is required.

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jul 01, 2010	held for consideration in ways and means
Jun 02, 2010	print number 8788b
Jun 02, 2010	amend and recommit to ways and means
Feb 23, 2010	reported referred to ways and means
Feb 18, 2010	print number 8788a
Feb 18, 2010	amend and recommit to real property taxation
Jan 06, 2010	referred to real property taxation
Jun 15, 2009	reported referred to ways and means
Jun 09, 2009	referred to real property taxation

Bill Amendments

Original

B (Active)

2009-A8788 - Details

See Senate Version of this Bill:: S5956
Current Committee:: Assembly Ways And Means
Law Section:: Real Property Tax Law
Laws Affected:: Amd §489, RPT L

2009-A8788 - Summary

Provides that multiple dwellings owned and operated by a mutual redevelopment company established pursuant to article five of the private housing finance law which contains a total of 2,800 or more dwelling units shall be eligible for tax exemption and abatement for improvements to eliminate fire and health hazards.

2009-A8788 - Sponsor Memo

                                BILL NUMBER:A8788

TITLE  OF BILL:   An act to amend the real property tax law, in relation
to exemption from taxation of alterations and  improvements  to  certain
multiple dwellings to eliminate fire and health hazards

PURPOSE  OR  GENERAL IDEA OF BILL:  To let New York City expand J-51 tax
abatements for the Penn South Houses mutual  redevelopment  company  for
replacing heating, ventilation, and air-cooling systems.

SUMMARY  OF  SPECIFIC  PROVISIONS:    Adds a new subdivision 4-d to Real
Property Tax Law § 489. Paragraph (a) limits the provisions of this bill
to multiple dwellings owned  and  operated  by  a  mutual  redevelopment
company  established  pursuant  to  article  five of the private finance
housing law with at least 2,800 units.

Paragraph (b) provides a J-51 tax exemption for any increase in assessed
value that results from the alterations and improvements.

Paragraph (c) provides for a tax abatement that  shall  not  exceed  the
greater  of  150  percent  of certified reasonable cost or 35 percent of
actual cost of alterations or  improvements.  The  abatement  is  to  be
applied  as  a  credit  against  real estate taxes at a rate up to 8 1/3
percent a year. If the designated amount cannot be  credited  each  year
for  any  reason, (e.g. it exceeds amount of tax payable) it can be used
in any of the following 8 years.

Paragraph (d) would exempt the work from current provisions making  J-51
benefits available only if the property has no violations of local codes
concerning  its physical condition. This provision would permit benefits
to start before violations  are  fully  cleared.    Violations  must  be
cleared upon completion of alterations or improvements.

Paragraph (e) would waive limits on the amount of abatement or exemption
granted to any apartment unit pursuant to subdivision 11, paragraphs (b)
and  (e)  of  this  section,  which restricts the amount of abatement or
exemption granted to any apartment unit, since the new language in para-
graph (d) imposes a limit on benefits.

Paragraph (f) limits benefits to work completed by 2015.

JUSTIFICATION:  Penn South Houses is a non-profit  cooperative  develop-
ment in Manhattan. It is nearly 50 years old and requires extensive work
on its heating and ventilation systems.

Without  this  legislation, the necessary work would require substantial
rent increases. A Large portion of Penn South's residents  are  limited-
income  seniors with Senior Citizen Rent Increase Exemption benefits, so
these rent increases would result in considerably  increased  SCRIE  tax
abatements.  Also,  the  amount  of rent surcharge paid by higher-income
residents would be reduced, because more of their monthly payment  would
be  going  to  regular  rent.  Penn  South  pays  a  portion of its rent

surcharge income to the City. Thus, if this bill is  not  enacted,  that
would  cost  the  City an amount comparable to the J-51 benefits contem-
plated by this bill. So  while  this  legislation  provides  substantial
protection  to  the  development's residents, it would not significantly
affect the City financially.

As the only remaining Article V  limited  equity  coop,  Penn  South,  a
2,802-unit  development  located  in  Manhattan, is the only development
subject to this legislation. Since its residents are concerned with  the
continued  maintenance  and affordability of their buildings and not the
resale of their units (from which they are  not  permitted  to  profit),
this  legislation  will  enable  necessary repairs to be undertaken with
J-51  benefits  thus  preserving  this  unique  and  affordable  housing
resource.

New  York  City's  allowances for J-51 benefits would only cover a small
portion of Penn South's planned HVAC replacement. This legislation would
give the City authority to expand the J-51 abatement for this project.

PRIOR LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: This bill shall take effect immediately.

2009-A8788 - Bill Text download pdf

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

                                  8788

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2009
                               ___________

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

AN ACT to amend the real property tax law, in relation to exemption from
  taxation of alterations and improvements to certain multiple dwellings
  to eliminate fire and health hazards

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

  Section  1.  Section  489  of  the real property tax law is amended by
adding a new subdivision 4-d to read as follows:
  4-D. (A) ANY SUCH LOCAL LAW MAY ALSO PROVIDE THAT A GROUP OF  MULTIPLE
DWELLINGS  WHICH IS OWNED AND OPERATED BY A MUTUAL REDEVELOPMENT COMPANY
ESTABLISHED PURSUANT TO ARTICLE FIVE OF THE PRIVATE HOUSING FINANCE  LAW
WHICH  CONTAINS  A  TOTAL OF TWENTY-EIGHT HUNDRED OR MORE DWELLING UNITS
SHALL BE ELIGIBLE FOR TAX EXEMPTION AND ABATEMENT AS  PROVIDED  IN  THIS
SUBDIVISION.
  (B)  ANY  INCREASE IN ASSESSED VALUATION RESULTING FROM ALTERATIONS OR
IMPROVEMENTS TO ONE OR MORE MULTIPLE DWELLINGS WHICH ARE OWNED AND OPER-
ATED BY A MUTUAL REDEVELOPMENT COMPANY AS DESCRIBED IN PARAGRAPH (A)  OF
THIS SUBDIVISION SHALL BE EXEMPT FROM TAXATION FOR LOCAL PURPOSES.  SUCH
EXEMPTION  SHALL  BE  EQUAL  TO  THE  INCREASE IN THE VALUATION WHICH IS
SUBJECT TO EXEMPTION UNDER THIS PARAGRAPH FOR THIRTY YEARS.  AFTER  SUCH
PERIOD  OF  TIME,  THE  AMOUNT  OF SUCH EXEMPTED ASSESSED VALUE SHALL BE
REDUCED BY TWENTY PERCENT IN EACH SUCCEEDING  YEAR  UNTIL  THE  ASSESSED
VALUE  OF  THE  ALTERATIONS  OR  IMPROVEMENTS  IS  FULLY  TAXABLE.  SUCH
EXEMPTION MAY COMMENCE AT THE BEGINNING OF ANY TAX QUARTER SUBSEQUENT TO
THE START OF SUCH ALTERATIONS OR IMPROVEMENTS. IN NO  EVENT  SHALL  SUCH
ALTERATIONS  OR  IMPROVEMENTS DIRECTLY OR INDIRECTLY RESULT IN AN EQUAL-
IZATION INCREASE IN THE ASSESSED  VALUATION  OF  ANY  MULTIPLE  DWELLING
FORMING  PART OF THE MUTUAL REDEVELOPMENT COMPANY WHERE SUCH ALTERATIONS
OR IMPROVEMENTS ARE PERFORMED.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14258-01-9

A. 8788                             2

  (C) THE ABATEMENT OF TAXES IN A MUTUAL REDEVELOPMENT COMPANY DESCRIBED
IN PARAGRAPH (A) OF THIS SUBDIVISION,  INCLUDING  THE  LAND,  SHALL  NOT
EXCEED  THE GREATER OF (I) ONE HUNDRED FIFTY PER CENTUM OF THE CERTIFIED
REASONABLE COST OF THE ALTERATIONS OR IMPROVEMENTS, AS DETERMINED  UNDER
THE REGULATIONS OF THE LOCAL HOUSING AGENCY ADMINISTERING THE LOCAL LAW,
AND  (II)  THIRTY-FIVE  PER CENTUM OF THE ACTUAL CONTRACTED CONSTRUCTION
COST OF ALL ALTERATIONS OR IMPROVEMENTS MADE TO AND IN CONJUNCTION  WITH
THE  REPLACEMENT  OF  THE  EXISTING HEATING, VENTILATION AND AIR COOLING
SYSTEM, WHETHER OR NOT SUCH ITEMS ARE CURRENTLY IDENTIFIED IN THE  REGU-
LATIONS  OF THE LOCAL HOUSING AGENCY. SUCH ABATEMENT SHALL NOT BE EFFEC-
TIVE FOR MORE THAN TWENTY YEARS AND THE ANNUAL ABATEMENT OF TAXES IN ANY
CONSECUTIVE TWELVE-MONTH PERIOD SHALL NOT  BE  GREATER  THAN  EIGHT  AND
ONE-THIRD PER CENTUM OF THE TOTAL ABATEMENT GRANTED AND SHALL NOT EXCEED
THE  AMOUNT  OF  TAXES  PAYABLE IN SUCH CONSECUTIVE TWELVE-MONTH PERIOD.
SUCH ABATEMENT SHALL BEGIN NO SOONER THAN THE FIRST QUARTERLY  TAX  BILL
IMMEDIATELY  FOLLOWING  THE  COMPLETION  OF SUCH ALTERATIONS OR IMPROVE-
MENTS. THE LIMITATIONS SET FORTH IN SUBDIVISION FOUR OF THIS SECTION FOR
MULTIPLE DWELLINGS, BUILDINGS AND STRUCTURES OWNED AS COOPERATIVES SHALL
BE INAPPLICABLE TO BENEFITS GRANTED PURSUANT TO THIS SUBDIVISION.
  (D) IN THE EVENT THAT MULTIPLE ALTERATIONS OR IMPROVEMENTS ARE  UNDER-
TAKEN  IN  A  MUTUAL REDEVELOPMENT COMPANY DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION, AND SEPARATE APPLICATIONS FOR  BENEFITS  THEREFOR  ARE
MADE,  ALL  REQUIREMENTS CONCERNING PHYSICAL CONDITION OF AND COMPLIANCE
WITH LAW BY THE MULTIPLE DWELLINGS IN SUCH REDEVELOPMENT  COMPANY  SHALL
APPLY  ONLY  UPON  COMPLETION  OF  ALL SUCH ALTERATIONS OR IMPROVEMENTS,
PROVIDED THAT ALL SUCH ALTERATIONS OR IMPROVEMENTS ARE COMPLETED  WITHIN
SIX YEARS.
  (E)  EXCEPT  AS  PROVIDED IN THIS SUBDIVISION, ALL OF THE REQUIREMENTS
IMPOSED BY THIS SECTION ON PROJECTS DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION ONE OF  THIS  SECTION  SHALL  BE  APPLICABLE  TO  ALTERATIONS  OR
IMPROVEMENTS  GRANTED  BENEFITS PURSUANT TO THIS SUBDIVISION BUT NONE OF
THE LIMITATIONS OF PARAGRAPHS (B) AND (C) OF SUBDIVISION ELEVEN OF  THIS
SECTION SHALL BE APPLICABLE.
  (F)  THIS  SUBDIVISION  SHALL  BE  APPLICABLE  ONLY  TO ALTERATIONS OR
IMPROVEMENTS COMPLETED PRIOR  TO  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND
FIFTEEN.
  S 2. This act shall take effect immediately.

2009-A8788A - Details

See Senate Version of this Bill:: S5956
Current Committee:: Assembly Ways And Means
Law Section:: Real Property Tax Law
Laws Affected:: Amd §489, RPT L

2009-A8788A - Summary

2009-A8788A - Sponsor Memo

                                BILL NUMBER:A8788A

TITLE OF BILL:  An act to amend the real property tax law, in relation
to exemption from taxation of alterations and improvements to certain
multiple dwellings to eliminate fire and health hazards

PURPOSE OR GENERAL IDEA OF BILL:  To let New York City expand J-51 tax
abatements for the Penn South Houses mutual redevelopment company for
replacing heating, ventilation, and air-cooling systems.

SUMMARY OF SPECIFIC PROVISIONS:  Adds a new subdivision 4-d to Real
Property Tax Law § 489. Paragraph (a) limits the provisions of this bill
to multiple dwellings owned and operated by a mutual redevelopment
company established pursuant to article five of the private finance
housing law with at least 2,800 units.

Paragraph (b) provides a J-51 tax exemption for any increase in assessed
value that results from the replacement and improvement of the existing
heating ventilation and air cooling system and associated asbestos
abatement or removal.

Paragraph (c) provides for a tax abatement that shall not exceed the
greater of 150 percent of certified reasonable cost or 35 percent of
actual cost of the replacement and improvement of the existing heating
ventilation and air cooling system and associated asbestos abatement or
removal.  The abatement is to be applied as a credit against real estate

taxes at a rate up to 8 1/3 percent a year. if the designated amount
cannot be credited each year for any reason, (e.g. it exceeds amount Of
tax payable) it can be used in any of the following 8 years.

Paragraph (d) would exempt the work from current provisions making J-51
benefits available only if the property has no violations of local codes
concerning its physical condition. This . provision would permit bene-
fits to start before violations are fully cleared.  Violations must be
cleared upon completion of alterations or improvements.

Paragraph (e) would waive limits on the amount of abatement or exemption
granted to any apartment unit pursuant to subdivision 11, paragraphs (b)
and (c) of this section, which restricts the amount of abatement or
exemption granted to any apartment unit, since the new language in para-
graph (d) imposes a limit on benefits.

Paragraph (f) limits benefits to work completed by 2015.

JUSTIFICATION:  Penn South Houses is a non-profit cooperative develop-
ment in Manhattan. It is nearly 50 years old and requires extensive work
on its heating and ventilation systems.

Without this legislation, the necessary work would require substantial
rent increases. A large portion of Penn South's residents are limited-
income seniors with Senior Citizen Rent Increase Exemption benefits, so
these rent increases would result in considerably increased SCRIE tax

abatements. Also, the amount of rent surcharge paid by higher-income
residents would be reduced, because more of their monthly payment would
be going to regular rent. Penn South pays a portion of its rent
surcharge income to the City. Thus, if this bill is not enacted, that
would cost the City an amount comparable to the J-51 benefits contem-
plated by this bill. So while this legislation provides substantial
protection to the development's residents, it would not significantly
affect the City financially,

As the only remaining Article V limited equity coop, Penn South, a
2,802-unit development located in Manhattan, is the only development
subject to this legislation. Since its residents are concerned with the
continued maintenance and affordability of their buildings and not the
resale of their units (from which they are not permitted to profit),
this legislation will enable necessary repairs to be undertaken with
J-51 benefits thus preserving this unique and affordable housing
resource.

New York City's allowances, for J-51 benefits would only cover a small
portion of Penn South's planned HVAC replacement. This legislation would
give the City authority to expand the J-51 abatement for this project.

PRIOR LEGISLATIVE HISTORY: New bill

FISCAL IMPLICATIONS: None

EFFECTIVE DATE: This bill shall take effect immediately.

2009-A8788A - Bill Text download pdf

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

                                 8788--A

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2009
                               ___________

Introduced  by  M.  of  A.  GOTTFRIED  --  read once and referred to the
  Committee on Real Property Taxation -- recommitted to the Committee on
  Real Property Taxation in accordance with Assembly Rule 3, sec.  2  --
  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 exemption from
  taxation of alterations and improvements to certain multiple dwellings
  to eliminate fire and health hazards

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

  Section  1.  Section  489  of  the real property tax law is amended by
adding a new subdivision 4-d to read as follows:
  4-D. (A) ANY SUCH LOCAL LAW MAY ALSO PROVIDE THAT A GROUP OF  MULTIPLE
DWELLINGS  WHICH IS OWNED AND OPERATED BY A MUTUAL REDEVELOPMENT COMPANY
ESTABLISHED PURSUANT TO ARTICLE FIVE OF THE PRIVATE HOUSING FINANCE  LAW
WHICH  CONTAINS  A  TOTAL OF TWENTY-EIGHT HUNDRED OR MORE DWELLING UNITS
SHALL BE ELIGIBLE FOR TAX EXEMPTION AND ABATEMENT  FOR  THE  REPLACEMENT
AND  IMPROVEMENT  OF  THE  EXISTING HEATING, VENTILATION AND AIR COOLING
SYSTEM AND ASSOCIATED ASBESTOS ABATEMENT OR REMOVAL AS PROVIDED IN  THIS
SUBDIVISION.
  (B)  ANY INCREASE IN ASSESSED VALUATION RESULTING FROM THE REPLACEMENT
AND IMPROVEMENT OF THE EXISTING HEATING,  VENTILATION  AND  AIR  COOLING
SYSTEM  AND  ASSOCIATED  ASBESTOS  ABATEMENT  OR  REMOVAL TO ONE OR MORE
MULTIPLE DWELLINGS WHICH ARE OWNED AND OPERATED BY A  MUTUAL  REDEVELOP-
MENT  COMPANY AS DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE
EXEMPT FROM TAXATION FOR LOCAL PURPOSES.  SUCH EXEMPTION SHALL BE  EQUAL
TO  THE  INCREASE  IN  THE VALUATION WHICH IS SUBJECT TO EXEMPTION UNDER
THIS PARAGRAPH FOR THIRTY YEARS. AFTER SUCH PERIOD OF TIME,  THE  AMOUNT
OF  SUCH  EXEMPTED  ASSESSED VALUE SHALL BE REDUCED BY TWENTY PERCENT IN
EACH SUCCEEDING YEAR UNTIL THE ASSESSED  VALUE  OF  THE  ALTERATIONS  OR
IMPROVEMENTS IS FULLY TAXABLE. SUCH EXEMPTION MAY COMMENCE AT THE BEGIN-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14258-02-0

A. 8788--A                          2

NING  OF  ANY TAX QUARTER SUBSEQUENT TO THE START OF SUCH ALTERATIONS OR
IMPROVEMENTS. IN NO EVENT SHALL SUCH ALTERATIONS OR IMPROVEMENTS DIRECT-
LY OR INDIRECTLY RESULT IN AN  EQUALIZATION  INCREASE  IN  THE  ASSESSED
VALUATION OF ANY MULTIPLE DWELLING FORMING PART OF THE MUTUAL REDEVELOP-
MENT COMPANY WHERE SUCH ALTERATIONS OR IMPROVEMENTS ARE PERFORMED.
  (C) THE ABATEMENT OF TAXES IN A MUTUAL REDEVELOPMENT COMPANY DESCRIBED
IN  PARAGRAPH  (A)  OF  THIS  SUBDIVISION, INCLUDING THE LAND, SHALL NOT
EXCEED THE GREATER OF (I) ONE HUNDRED FIFTY PER CENTUM OF THE  CERTIFIED
REASONABLE COST OF THE REPLACEMENT AND IMPROVEMENT OF THE EXISTING HEAT-
ING,  VENTILATION  AND AIR COOLING SYSTEM AND ASSOCIATED ASBESTOS ABATE-
MENT OR REMOVAL, AS DETERMINED UNDER THE REGULATIONS OF THE LOCAL  HOUS-
ING  AGENCY  ADMINISTERING THE LOCAL LAW, OR (II) THIRTY-FIVE PER CENTUM
OF THE  ACTUAL  CONTRACTED  CONSTRUCTION  COST  OF  ALL  ALTERATIONS  OR
IMPROVEMENTS  MADE  TO  AND  IN  CONJUNCTION WITH THE REPLACEMENT OF THE
EXISTING HEATING, VENTILATION AND AIR COOLING SYSTEM AND ASBESTOS ABATE-
MENT OR REMOVAL, WHETHER OR NOT SUCH ITEMS ARE CURRENTLY  IDENTIFIED  IN
THE REGULATIONS OF THE LOCAL HOUSING AGENCY. SUCH ABATEMENT SHALL NOT BE
EFFECTIVE  FOR  MORE THAN TWENTY YEARS AND THE ANNUAL ABATEMENT OF TAXES
IN ANY CONSECUTIVE TWELVE-MONTH PERIOD SHALL NOT BE GREATER  THAN  EIGHT
AND  ONE-THIRD  PER  CENTUM OF THE TOTAL ABATEMENT GRANTED AND SHALL NOT
EXCEED THE AMOUNT OF TAXES  PAYABLE  IN  SUCH  CONSECUTIVE  TWELVE-MONTH
PERIOD.  SUCH  ABATEMENT  SHALL BEGIN NO SOONER THAN THE FIRST QUARTERLY
TAX BILL IMMEDIATELY FOLLOWING THE COMPLETION  OF  SUCH  ALTERATIONS  OR
IMPROVEMENTS.  THE  LIMITATIONS  SET  FORTH  IN SUBDIVISION FOUR OF THIS
SECTION FOR MULTIPLE DWELLINGS, BUILDINGS AND STRUCTURES OWNED AS  COOP-
ERATIVES  SHALL  BE  INAPPLICABLE  TO  BENEFITS GRANTED PURSUANT TO THIS
SUBDIVISION.
  (D) IN THE EVENT THAT MULTIPLE ALTERATIONS OR IMPROVEMENTS ARE  UNDER-
TAKEN  IN  A  MUTUAL REDEVELOPMENT COMPANY DESCRIBED IN PARAGRAPH (A) OF
THIS SUBDIVISION, AND SEPARATE APPLICATIONS FOR  BENEFITS  THEREFOR  ARE
MADE,  ALL  REQUIREMENTS CONCERNING PHYSICAL CONDITION OF AND COMPLIANCE
WITH LAW BY THE MULTIPLE DWELLINGS IN SUCH REDEVELOPMENT  COMPANY  SHALL
APPLY  ONLY  UPON  COMPLETION  OF  ALL SUCH ALTERATIONS OR IMPROVEMENTS,
PROVIDED THAT ALL SUCH ALTERATIONS OR IMPROVEMENTS ARE COMPLETED  WITHIN
SIX YEARS.
  (E)  EXCEPT  AS  PROVIDED IN THIS SUBDIVISION, ALL OF THE REQUIREMENTS
IMPOSED BY THIS SECTION ON PROJECTS DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION ONE OF  THIS  SECTION  SHALL  BE  APPLICABLE  TO  ALTERATIONS  OR
IMPROVEMENTS  GRANTED  BENEFITS PURSUANT TO THIS SUBDIVISION BUT NONE OF
THE LIMITATIONS OF PARAGRAPHS (B) AND (C) OF SUBDIVISION ELEVEN OF  THIS
SECTION SHALL BE APPLICABLE.
  (F)  THIS  SUBDIVISION  SHALL  BE  APPLICABLE  ONLY  TO ALTERATIONS OR
IMPROVEMENTS COMPLETED PRIOR  TO  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND
FIFTEEN.
  S 2. This act shall take effect immediately.

2009-A8788B (ACTIVE) - Details

See Senate Version of this Bill:: S5956
Current Committee:: Assembly Ways And Means
Law Section:: Real Property Tax Law
Laws Affected:: Amd §489, RPT L

2009-A8788B (ACTIVE) - Summary

2009-A8788B (ACTIVE) - Bill Text download pdf

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

                                 8788--B

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                              June 9, 2009
                               ___________

Introduced  by  M.  of  A.  GOTTFRIED  --  read once and referred to the
  Committee on Real Property Taxation -- recommitted to the Committee on
  Real Property Taxation in accordance with Assembly Rule 3, sec.  2  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee -- reported and referred to the  Commit-
  tee  on  Ways and Means -- 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 exemption from
  taxation of alterations and improvements to certain multiple dwellings
  to eliminate fire and health hazards

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

  Section  1.  Section  489  of  the real property tax law is amended by
adding a new subdivision 4-d to read as follows:
  4-D. (A) ANY SUCH LOCAL LAW MAY ALSO PROVIDE THAT A GROUP OF  MULTIPLE
DWELLINGS  WHICH IS OWNED AND OPERATED BY A MUTUAL REDEVELOPMENT COMPANY
ESTABLISHED PURSUANT TO ARTICLE FIVE OF THE PRIVATE HOUSING FINANCE  LAW
WHICH  CONTAINS  A  TOTAL OF TWENTY-EIGHT HUNDRED OR MORE DWELLING UNITS
SHALL BE ELIGIBLE FOR TAX EXEMPTION AND ABATEMENT  FOR  THE  REPLACEMENT
AND  IMPROVEMENT  OF  THE  EXISTING HEATING, VENTILATION AND AIR COOLING
SYSTEM AND ASSOCIATED ASBESTOS ABATEMENT OR REMOVAL AS PROVIDED IN  THIS
SUBDIVISION.
  (B)  ANY INCREASE IN ASSESSED VALUATION RESULTING FROM THE REPLACEMENT
AND IMPROVEMENT OF THE EXISTING HEATING,  VENTILATION  AND  AIR  COOLING
SYSTEM  AND  ASSOCIATED  ASBESTOS  ABATEMENT  OR  REMOVAL TO ONE OR MORE
MULTIPLE DWELLINGS WHICH ARE OWNED AND OPERATED BY A  MUTUAL  REDEVELOP-
MENT  COMPANY AS DESCRIBED IN PARAGRAPH (A) OF THIS SUBDIVISION SHALL BE
EXEMPT FROM TAXATION FOR LOCAL PURPOSES.  SUCH EXEMPTION SHALL BE  EQUAL
TO  THE  INCREASE  IN  THE VALUATION WHICH IS SUBJECT TO EXEMPTION UNDER
THIS PARAGRAPH FOR THIRTY YEARS. AFTER SUCH PERIOD OF TIME,  THE  AMOUNT
OF  SUCH  EXEMPTED  ASSESSED VALUE SHALL BE REDUCED BY TWENTY PERCENT IN

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14258-04-0

A. 8788--B                          2

EACH SUCCEEDING YEAR UNTIL THE ASSESSED  VALUE  OF  THE  ALTERATIONS  OR
IMPROVEMENTS IS FULLY TAXABLE. SUCH EXEMPTION MAY COMMENCE AT THE BEGIN-
NING  OF  ANY TAX QUARTER SUBSEQUENT TO THE START OF SUCH ALTERATIONS OR
IMPROVEMENTS. IN NO EVENT SHALL SUCH ALTERATIONS OR IMPROVEMENTS DIRECT-
LY  OR  INDIRECTLY  RESULT  IN  AN EQUALIZATION INCREASE IN THE ASSESSED
VALUATION OF ANY MULTIPLE DWELLING FORMING PART OF THE MUTUAL REDEVELOP-
MENT COMPANY WHERE SUCH ALTERATIONS OR IMPROVEMENTS ARE PERFORMED.
  (C) THE ABATEMENT OF TAXES IN A MUTUAL REDEVELOPMENT COMPANY DESCRIBED
IN PARAGRAPH (A) OF THIS SUBDIVISION,  INCLUDING  THE  LAND,  SHALL  NOT
EXCEED  THE GREATER OF (I) ONE HUNDRED FIFTY PER CENTUM OF THE CERTIFIED
REASONABLE COST OF THE REPLACEMENT AND IMPROVEMENT OF THE EXISTING HEAT-
ING, VENTILATION AND AIR COOLING SYSTEM AND ASSOCIATED  ASBESTOS  ABATE-
MENT  OR REMOVAL, AS DETERMINED UNDER THE REGULATIONS OF THE LOCAL HOUS-
ING AGENCY ADMINISTERING THE LOCAL LAW, OR (II) THIRTY-FIVE  PER  CENTUM
OF  THE  ACTUAL  CONTRACTED  CONSTRUCTION  COST  OF  ALL  ALTERATIONS OR
IMPROVEMENTS MADE TO AND IN CONJUNCTION  WITH  THE  REPLACEMENT  OF  THE
EXISTING HEATING, VENTILATION AND AIR COOLING SYSTEM AND ASBESTOS ABATE-
MENT  OR  REMOVAL, WHETHER OR NOT SUCH ITEMS ARE CURRENTLY IDENTIFIED IN
THE REGULATIONS OF THE LOCAL HOUSING AGENCY. SUCH ABATEMENT SHALL NOT BE
EFFECTIVE FOR MORE THAN TWENTY YEARS AND THE ANNUAL ABATEMENT  OF  TAXES
IN  ANY  CONSECUTIVE TWELVE-MONTH PERIOD SHALL NOT BE GREATER THAN EIGHT
AND ONE-THIRD PER CENTUM OF THE TOTAL ABATEMENT GRANTED  AND  SHALL  NOT
EXCEED  THE  AMOUNT  OF  TAXES  PAYABLE IN SUCH CONSECUTIVE TWELVE-MONTH
PERIOD.    THE  TOTAL  ABATEMENT  FOR  THE  PROJECT  SHALL  NOT   EXCEED
TWENTY-EIGHT MILLION DOLLARS.  SUCH ABATEMENT SHALL BEGIN NO SOONER THAN
THE  FIRST  QUARTERLY  TAX  BILL IMMEDIATELY FOLLOWING THE COMPLETION OF
SUCH ALTERATIONS OR IMPROVEMENTS. THE LIMITATIONS SET FORTH IN  SUBDIVI-
SION  FOUR  OF THIS SECTION FOR MULTIPLE DWELLINGS, BUILDINGS AND STRUC-
TURES OWNED AS COOPERATIVES SHALL BE INAPPLICABLE  TO  BENEFITS  GRANTED
PURSUANT TO THIS SUBDIVISION.
  (D)  IN THE EVENT THAT MULTIPLE ALTERATIONS OR IMPROVEMENTS ARE UNDER-
TAKEN IN A MUTUAL REDEVELOPMENT COMPANY DESCRIBED IN  PARAGRAPH  (A)  OF
THIS  SUBDIVISION,  AND  SEPARATE APPLICATIONS FOR BENEFITS THEREFOR ARE
MADE, ALL REQUIREMENTS CONCERNING PHYSICAL CONDITION OF  AND  COMPLIANCE
WITH  LAW  BY THE MULTIPLE DWELLINGS IN SUCH REDEVELOPMENT COMPANY SHALL
APPLY ONLY UPON COMPLETION OF  ALL  SUCH  ALTERATIONS  OR  IMPROVEMENTS,
PROVIDED  THAT ALL SUCH ALTERATIONS OR IMPROVEMENTS ARE COMPLETED WITHIN
SIX YEARS.
  (E) EXCEPT AS PROVIDED IN THIS SUBDIVISION, ALL  OF  THE  REQUIREMENTS
IMPOSED BY THIS SECTION ON PROJECTS DESCRIBED IN PARAGRAPH (A) OF SUBDI-
VISION  ONE  OF  THIS  SECTION  SHALL  BE  APPLICABLE  TO ALTERATIONS OR
IMPROVEMENTS GRANTED BENEFITS PURSUANT TO THIS SUBDIVISION BUT  NONE  OF
THE  LIMITATIONS OF PARAGRAPHS (B) AND (C) OF SUBDIVISION ELEVEN OF THIS
SECTION SHALL BE APPLICABLE.
  (F) THIS SUBDIVISION  SHALL  BE  APPLICABLE  ONLY  TO  ALTERATIONS  OR
IMPROVEMENTS  COMPLETED  PRIOR  TO  DECEMBER  THIRTY-FIRST, TWO THOUSAND
FIFTEEN.
  S 2. This act shall take effect immediately.

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Find your Senator and share your views on important issues.

Do you support this bill?

Assembly Bill A8788

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Actions

Bill Amendments

2009-A8788 - Details

2009-A8788 - Summary

2009-A8788 - Sponsor Memo

2009-A8788 - Bill Text download pdf

2009-A8788A - Details

2009-A8788A - Summary

2009-A8788A - Sponsor Memo

2009-A8788A - Bill Text download pdf

2009-A8788B (ACTIVE) - Details

2009-A8788B (ACTIVE) - Summary

2009-A8788B (ACTIVE) - Bill Text download pdf

Comments

Do you support this bill?

Get Status Alerts for 2009-A8788

Assembly Bill A8788

Share this bill

Sponsored By

GOTTFRIED

Archive: Last Bill Status - In Assembly Committee

Actions

Bill Amendments

2009-A8788 - Details

2009-A8788 - Summary

2009-A8788 - Sponsor Memo

2009-A8788 - Bill Text download pdf

2009-A8788A - Details

2009-A8788A - Summary

2009-A8788A - Sponsor Memo

2009-A8788A - Bill Text download pdf

2009-A8788B (ACTIVE) - Details

2009-A8788B (ACTIVE) - Summary

2009-A8788B (ACTIVE) - Bill Text download pdf

Comments