Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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---|---|
Feb 02, 2010 |
referred to local government |
Senate Bill S6737
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government 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
Actions
co-Sponsors
(R, IP) Senate District
(R, C, IP) Senate District
(R, C, IP) Senate District
(R, C) Senate District
2009-S6737 (ACTIVE) - Details
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Add §457-a, RPT L
2009-S6737 (ACTIVE) - Sponsor Memo
BILL NUMBER: S6737 TITLE OF BILL : An act to amend the real property tax law, in relation to exempting real property purchased by first-time homebuyers from real property taxation PURPOSE : To assist first-time buyers in purchasing homes. SUMMARY OF SPECIFIC PROVISIONS : Section one adds section 457-a to the real property tax law. Subdivision one of § 457-a provides, contingent upon adoption of a local law or resolution therefor, a real property tax exemption for certain first time homebuyers. Such exemption shall be computed according to a table detailed in that subdivision. Subdivision two establishes eligibility criteria for a tax exemption, including that the first-time buyer be between the ages of eighteen and forty at the time of purchase and that household income not exceed $150,000. It likewise defines the terms "income" and "household income." Subdivision three pertains to the requirement that a first-time homebuyer exemption is applicable only to a primary residential
2009-S6737 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6737 I N S E N A T E February 2, 2010 ___________ Introduced by Sens. HANNON, DeFRANCISCO, O. JOHNSON, LARKIN, MORAHAN, VOLKER -- 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 exempting real property purchased by first-time homebuyers from real property taxa- tion 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 457-a to read as follows: S 457-A. EXEMPTION FOR FIRST-TIME HOMEBUYERS. 1. PRIMARY RESIDENTIAL PROPERTY PURCHASED BY ONE OR MORE PERSONS, EACH OF WHOM IS A FIRST-TIME HOMEBUYER AND HAS NOT BEEN MARRIED TO A HOMEOWNER IN THE THREE YEARS PRIOR TO APPLYING FOR THIS FIRST-TIME HOMEBUYER EXEMPTION, SHALL BE EXEMPT FROM TAXATION LEVIED BY OR ON BEHALF OF ANY COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT IN WHICH RESIDENTIAL PROPERTY IS LOCATED, PROVIDED THE LEGISLATIVE BODY OR GOVERNING BOARD OF SUCH COUNTY, CITY, TOWN OR VILLAGE, AFTER PUBLIC HEARING, ADOPTS A LOCAL LAW, OR A SCHOOL DISTRICT, OTHER THAN A SCHOOL DISTRICT TO WHICH ARTICLE FIFTY-TWO OF THE EDUCATION LAW APPLIES, ADOPTS A RESOLUTION PROVIDING THEREFOR. THE LENGTH AND PERCENTAGE OF ANY EXEMPTION SHALL BE SET FORTH IN A TABLE CONTAINED IN SUCH LOCAL LAW OR RESOLUTION. IN NO EVENT SHALL THE LENGTH EXCEED TEN YEARS NOR BE LESS THAN ONE YEAR. SUCH EXEMPTION SHALL BE COMPUTED IN ACCORDANCE WITH THE FOLLOWING TABLE: YEAR OF EXEMPTION PERCENTAGE ASSESSED VALUATION EXEMPT FROM TAX 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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