Assembly Bill A4499

2009-2010 Legislative Session

Authorizes municipalities to enter into contracts with redevelopment companies to exempt the property of such companies from local and municipal taxes

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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

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2009-A4499 (ACTIVE) - Details

Current Committee:
Assembly Housing
Law Section:
Private Housing Finance Law
Laws Affected:
Amd ยง125, Priv Hous Fin L

2009-A4499 (ACTIVE) - Summary

Authorizes municipalities to enter into contracts with redevelopment companies to exempt the real property of such companies from local and municipal real property taxes for a term commensurate with the term of the mortgage on such property made by the New York state housing finance agency instead of the current term of 25 years.

2009-A4499 (ACTIVE) - Bill Text download pdf

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

                                  4499

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 4, 2009
                               ___________

Introduced  by M. of A. BRODSKY -- read once and referred to the Commit-
  tee on Housing

AN ACT to  amend  the  private  housing  finance  law,  in  relation  to
  contracts  for exemption from local and municipal taxes for redevelop-
  ment companies

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

  Section  1.  Paragraph  (a)  of  subdivision  1  of section 125 of the
private housing finance law, as amended by chapter 566 of  the  laws  of
1993, is amended to read as follows:
  (a)  The local legislative body of any municipality in which a project
of such company is or is to be located may by contract  agree  with  any
redevelopment  company  to  exempt from local and municipal taxes, other
than assessments for local improvements, all or part of the value of the
property included in such project which represents an increase over  the
assessed  valuation  of  the  real property, both land and improvements,
acquired for the project at the time of its acquisition by the  redevel-
opment company which originally undertook the project and for such defi-
nite period of years as such contract may provide, except that where the
real  property in a project was acquired for purposes of rehabilitation,
the local legislative body either may utilize the foregoing  formula  or
may  agree  to  exempt  from  such taxes all or part of the value of the
property included in such project on condition that the amount  of  such
taxes  to  be  paid  shall not be less than ten per centum of the annual
shelter rent or carrying charges of such rehabilitation project. The tax
exemption shall not operate for a period of more than twenty-five years,
commencing in each instance from the date on which the benefits of  such
exemption  first become available and effective; provided, however, that
with respect to a project either  acquired  by  a  mutual  redevelopment
company  pursuant  to  section one hundred twenty-six OF THIS ARTICLE or
owned and continuing to be owned by a mutual redevelopment company which

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08200-01-9
              

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