Assembly Actions - Lowercase Senate Actions - UPPERCASE |
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Jun 18, 2012 | referred to real property taxation |
Archive: Last Bill Status - In Assembly Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
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A10739 (ACTIVE) - Details
A10739 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 10739 I N A S S E M B L Y June 18, 2012 ___________ Introduced by COMMITTEE ON RULES -- (at request of M. of A. Cahill) -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to establishing a green development home tax exemption 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 431 to read as follows: S 431. GREEN DEVELOPMENT HOME TAX EXEMPTION. 1. THE LOCAL LEGISLATIVE BODY OF ANY CITY, TOWN OR VILLAGE IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND A LOCAL LAW TO PROVIDE THAT ANY REAL PROPERTY WHICH SATISFIES THE REQUIREMENTS OF SUBDIVISION TWO OF THIS SECTION SHALL BE GRANTED A REDUCED REAL PROPERTY TAX RATE AS SET FORTH IN SUBDIVISION THREE OF THIS SECTION. 2. SUCH LOCAL LAW SHALL PROVIDE THAT FOR REAL PROPERTY TO QUALIFY FOR THE EXEMPTION SET FORTH IN SUBDIVISION THREE OF THIS SECTION, SUCH REAL PROPERTY SHALL BE A ONE, TWO OR THREE FAMILY RESIDENCE AND PART OF A DEVELOPMENT THAT: (A) IS EITHER (I) A GREEN DEVELOPMENT OR (II) LEED-ND CERTIFIED; AND (B) CONTAINS HOMES, SEVENTY-FIVE PERCENT OF WHICH ARE CERTIFIED SILVER. 3. SUCH LOCAL LAW SHALL PROVIDE THAT REAL PROPERTY THAT SATISFIES THE CRITERIA SET FORTH IN SUBDIVISION TWO OF THIS SECTION SHALL BE PARTIALLY EXEMPT FROM LOCAL REAL PROPERTY TAXATION FOR A PERIOD NOT TO EXCEED TWENTY YEARS IN THE AGGREGATE AFTER THE TAXABLE STATUS DATE IMMEDIATELY FOLLOWING THE SATISFACTION THEREOF, AS FOLLOWS: EXEMPTION FROM THIRTY-FIVE PERCENT OF SUCH TAXATION. 4. (A) UPON SUCCESSFUL LEED CERTIFICATION OR NAHB CERTIFICATION, A DEVELOPER SHALL NOTIFY THE TAX ASSESSOR OF ANY ASSESSING UNIT THAT SUCH DEVELOPMENT SATISFIES THE REQUIREMENTS SET FORTH IN SUBDIVISION TWO OF THIS SECTION AND THAT ALL REAL PROPERTY LOCATED WITHIN SUCH DEVELOPMENT SHALL BE GRANTED A REDUCED REAL PROPERTY TAX RATE AS SET FORTH IN SUBDI- VISION THREE OF THIS SECTION. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14826-01-2