Assembly Bill A8324

Signed By Governor
2013-2014 Legislative Session

Relates to a residential investment exemption in certain cities

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor


  • 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

Bill Amendments

2013-A8324 - Details

See Senate Version of this Bill:
S5991
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-q, RPT L

2013-A8324 - Summary

Provides a residential investment exemption in cities with a population of at least thirteen thousand five hundred and not more than fourteen thousand for improvements to residential real property of at least thirty thousand dollars.

2013-A8324 - Bill Text download pdf

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

                                  8324

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            December 18, 2013
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Real Property Taxation

AN ACT to amend the real property tax law, in relation to a  residential
  investment exemption in certain cities

  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 485-q to read as follows:
  S  485-Q.  RESIDENTIAL INVESTMENT EXEMPTION; CERTAIN CITIES.  1. RESI-
DENTIAL REAL PROPERTY CONSTRUCTED ON OR AFTER THE FIRST DAY OF JULY, TWO
THOUSAND FOURTEEN IN CITIES WITH A POPULATION OF NOT LESS THAN TEN THOU-
SAND AND NOT MORE THAN TWENTY THOUSAND MAY BE EXEMPT FROM CITY  TAXATION
AND SPECIAL AD VALOREM LEVIES AS PROVIDED IN THIS SECTION.
  2. (A) (I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF ONE YEAR
TO  THE  EXTENT  OF  FIFTY  PER CENTUM OF THE INCREASE IN ASSESSED VALUE
THEREOF ATTRIBUTABLE TO SUCH CONSTRUCTION AND FOR AN  ADDITIONAL  PERIOD
OF NINE YEARS PROVIDED, HOWEVER, THAT THE EXTENT OF SUCH EXEMPTION SHALL
BE  DECREASED BY FIVE PER CENTUM EACH YEAR DURING SUCH ADDITIONAL PERIOD
OF NINE YEARS AND SUCH EXEMPTION SHALL BE COMPUTED WITH RESPECT  TO  THE
"EXEMPTION  BASE".  THE EXEMPTION BASE SHALL BE THE INCREASE IN ASSESSED
VALUE AS DETERMINED IN THE INITIAL YEAR OF SUCH TEN YEAR PERIOD  FOLLOW-
ING THE FILING OF AN ORIGINAL APPLICATION, EXCEPT AS PROVIDED IN SUBPAR-
AGRAPH (II) OF THIS PARAGRAPH.
  (II)  IN  ANY YEAR IN WHICH A CHANGE IN LEVEL OF ASSESSMENT OF FIFTEEN
PERCENT OR MORE IS CERTIFIED FOR A FINAL ASSESSMENT ROLL PURSUANT TO THE
RULES OF THE COMMISSIONER, THE EXEMPTION BASE SHALL BE MULTIPLIED  BY  A
FRACTION,  THE  NUMERATOR  OF WHICH SHALL BE THE TOTAL ASSESSED VALUE OF
THE PARCEL ON SUCH FINAL ASSESSMENT ROLL (AFTER ACCOUNTING FOR ANY PHYS-
ICAL OR QUANTITY CHANGES TO THE PARCEL SINCE THE  IMMEDIATELY  PRECEDING
ASSESSMENT  ROLL),  AND  THE  DENOMINATOR  OF  WHICH  SHALL BE THE TOTAL
ASSESSED VALUE OF THE PARCEL ON THE IMMEDIATELY PRECEDING FINAL  ASSESS-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11994-02-3
              

2013-A8324A (ACTIVE) - Details

See Senate Version of this Bill:
S5991
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-q, RPT L

2013-A8324A (ACTIVE) - Summary

Provides a residential investment exemption in cities with a population of at least thirteen thousand five hundred and not more than fourteen thousand for improvements to residential real property of at least thirty thousand dollars.

2013-A8324A (ACTIVE) - Bill Text download pdf

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

                                 8324--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                            December 18, 2013
                               ___________

Introduced  by M. of A. MAGEE -- read once and referred to the Committee
  on Real Property Taxation -- recommitted  to  the  Committee  on  Real
  Property  Taxation  in  accordance  with  Assembly  Rule  3, sec. 2 --
  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 a residential
  investment exemption in certain cities

  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 485-q to read as follows:
  S 485-Q. RESIDENTIAL INVESTMENT EXEMPTION; CERTAIN CITIES.   1.  RESI-
DENTIAL REAL PROPERTY CONSTRUCTED ON OR AFTER THE FIRST DAY OF JULY, TWO
THOUSAND  FOURTEEN IN CITIES WITH A POPULATION OF NOT LESS THAN THIRTEEN
THOUSAND FIVE HUNDRED AND NOT MORE THAN FOURTEEN THOUSAND MAY BE  EXEMPT
FROM  CITY  TAXATION  AND  SPECIAL AD VALOREM LEVIES AS PROVIDED IN THIS
SECTION.
  2. (A) (I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF ONE YEAR
TO THE EXTENT OF FIFTY PER CENTUM OF  THE  INCREASE  IN  ASSESSED  VALUE
THEREOF  ATTRIBUTABLE  TO SUCH CONSTRUCTION AND FOR AN ADDITIONAL PERIOD
OF NINE YEARS PROVIDED, HOWEVER, THAT THE EXTENT OF SUCH EXEMPTION SHALL
BE DECREASED BY FIVE PER CENTUM EACH YEAR DURING SUCH ADDITIONAL  PERIOD
OF  NINE  YEARS AND SUCH EXEMPTION SHALL BE COMPUTED WITH RESPECT TO THE
"EXEMPTION BASE". THE EXEMPTION BASE SHALL BE THE INCREASE  IN  ASSESSED
VALUE  AS DETERMINED IN THE INITIAL YEAR OF SUCH TEN YEAR PERIOD FOLLOW-
ING THE FILING OF AN ORIGINAL APPLICATION, EXCEPT AS PROVIDED IN SUBPAR-
AGRAPH (II) OF THIS PARAGRAPH.
  (II) IN ANY YEAR IN WHICH A CHANGE IN LEVEL OF ASSESSMENT  OF  FIFTEEN
PERCENT OR MORE IS CERTIFIED FOR A FINAL ASSESSMENT ROLL PURSUANT TO THE
RULES  OF  THE COMMISSIONER, THE EXEMPTION BASE SHALL BE MULTIPLIED BY A
FRACTION, THE NUMERATOR OF WHICH SHALL BE THE TOTAL  ASSESSED  VALUE  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11994-03-4
              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.