Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Feb 14, 2012 |
held for consideration in real property taxation |
Jan 04, 2012 |
referred to real property taxation |
Feb 15, 2011 |
referred to real property taxation |
Assembly Bill A5288
2011-2012 Legislative Session
Sponsored By
OAKS
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
Actions
co-Sponsors
William A. Barclay
Brian Kolb
Michael Montesano
Stephen Hawley
multi-Sponsors
David McDonough
Joseph Saladino
2011-A5288 (ACTIVE) - Details
2011-A5288 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5288 2011-2012 Regular Sessions I N A S S E M B L Y February 15, 2011 ___________ Introduced by M. of A. OAKS, BARCLAY, KOLB, MONTESANO -- Multi-Sponsored by -- M. of A. McDONOUGH, SALADINO -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to the assessment of residential real property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 581-a of the real property tax law, as added by chapter 714 of the laws of 2005, is amended to read as follows: S 581-a. Assessment of residential real property. Notwithstanding any other provision of law, the assessed valuation of real property used for residential rental purposes where at least twenty percent of the resi- dential units are subject to an agreement with a municipality, the state, the federal government, or an instrumentality thereof, which agreement restricts occupancy of those units to tenants who qualify in accordance with an income test, [shall] MAY be determined using the income approach as applied to the actual net operating income, after deducting for reserves required by any federal, state or municipal programs. For the purposes of this section "net operating income" shall mean the actual or anticipated net income that remains after all operat- ing expenses are deducted from effective gross income, but before mort- gage debt service and book depreciation are deducted. The assessed valu- ation of real property used for such residential rental purposes [shall] MAY be determined using the actual net operating income, and, IF SUCH OPTION IS EXERCISED, shall not include federal, state or municipal income tax credits, subsidized mortgage financing, or project grants, where such subsidies are used to offset the project development cost in order to provide for lower initial rents as determined by regulations promulgated by the division of housing and community renewal. S 2. This act shall take effect immediately. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04294-01-1
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