S T A T E O F N E W Y O R K
________________________________________________________________________
9029--A
I N A S S E M B L Y
January 17, 2012
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Introduced by M. of A. V. LOPEZ -- read once and referred to the Commit-
tee 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 exemption from
taxation of alterations and improvements to multiple dwellings
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The opening paragraph of paragraph (a) of subdivision 1 of
section 489 of the real property tax law, as amended by chapter 244 of
the laws of 2006, is amended to read as follows:
Any city to which the multiple dwelling law is applicable, acting
through its local legislative body or other governing agency, is hereby
authorized and empowered, to and including [June] DECEMBER first, two
thousand [eleven] TWELVE, to adopt and amend local laws or ordinances
providing that any increase in assessed valuation of real property shall
be exempt from taxation for local purposes, as provided herein, to the
extent such increase results from:
S 2. The closing paragraph of subparagraph 6 of paragraph (a) of
subdivision 1 of section 489 of the real property tax law, as amended by
chapter 244 of the laws of 2006, is amended to read as follows:
Such conversion, alterations or improvements shall be completed within
thirty-six months after the date on which same shall be started except
that such thirty-six month limitation shall not apply to conversions of
residential units which are registered with the loft board in accordance
with article seven-C of the multiple dwelling law pursuant to subpara-
graph one of this paragraph. Notwithstanding the foregoing, a sixty
month period for completion shall be available for alterations or
improvements undertaken by a housing development fund company organized
pursuant to article eleven of the private housing finance law, which are
carried out with the substantial assistance of grants, loans or subsi-
dies from any federal, state or local governmental agency or instrumen-
tality or which are carried out in a property transferred from such city
if alterations and improvements are completed within seven years after
the date of transfer. In addition, the local housing agency is hereby
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13995-03-2
A. 9029--A 2
empowered to grant an extension of the period of completion for any
project carried out with the substantial assistance of grants, loans or
subsidies from any federal, state or local governmental agency or
instrumentality, if such alterations or improvements are completed with-
in sixty months from commencement of construction. Provided, further,
that such conversion, alterations or improvements shall in any event be
completed prior to December thirty-first, two thousand [eleven] TWELVE.
Exemption for conversions, alterations or improvements pursuant to
subparagraph one, two, three or four of this paragraph shall continue
for a period not to exceed fourteen years and begin no sooner than the
first quarterly tax bill immediately following the completion of such
conversion, alterations or improvements. Exemption for alterations or
improvements pursuant to this subparagraph or subparagraph five of this
paragraph shall continue for a period not to exceed thirty-four years
and shall begin no sooner than the first quarterly tax bill immediately
following the completion of such alterations or improvements. Such
exemption shall be equal to the increase in the valuation which is
subject to exemption in full or proportionally under this subdivision
for ten or thirty years, whichever is applicable. After such period of
time, the amount of such exempted assessed valuation of such improve-
ments shall be reduced by twenty percent in each succeeding year until
the assessed value of the improvements are fully taxable. Provided,
however, exemption for any conversion, alterations or improvements which
are aided by a loan or grant under article eight, eight-A, eleven,
twelve, fifteen or twenty-two of the private housing finance law,
section six hundred ninety-six-a or section ninety-nine-h of the general
municipal law, or section three hundred twelve of the housing act of
nineteen hundred sixty-four (42 U.S.C.A. 1452b), or the Cranston-Gonza-
lez national affordable housing act (42 U.S.C.A. 12701 et. seq.), or
started after July first, nineteen hundred eighty-three by a housing
development fund company organized pursuant to article eleven of the
private housing finance law which are carried out with the substantial
assistance of grants, loans or subsidies from any federal, state or
local governmental agency or instrumentality or which are carried out in
a property transferred from any city and where alterations and improve-
ments are completed within seven years after the date of transfer may
commence at the beginning of any tax quarter subsequent to the start of
such conversion, alterations or improvements and prior to the completion
of such conversion, alterations or improvements.
S 3. This act shall take effect immediately and shall be deemed to
have been in full force and effect on and after June 1, 2011.