Assembly Bill A9328

2013-2014 Legislative Session

Relates to a property investment exemption in certain villages

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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

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2013-A9328 (ACTIVE) - Details

See Senate Version of this Bill:
S6689
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add ยง485-q, RPT L
Versions Introduced in 2015-2016 Legislative Session:
A2384

2013-A9328 (ACTIVE) - Summary

Relates to a property investment exemption in certain villages.

2013-A9328 (ACTIVE) - Bill Text download pdf

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

                                  9328

                          I N  A S S E M B L Y

                              April 9, 2014
                               ___________

Introduced  by M. of A. BARRETT -- read once and referred to the Commit-
  tee on Real Property Taxation

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

  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.  PROPERTY  INVESTMENT  EXEMPTION; CERTAIN VILLAGES. 1.  REAL
PROPERTY CONSTRUCTED, ALTERED, INSTALLED OR IMPROVED SUBSEQUENT  TO  THE
FIRST DAY OF JULY, TWO THOUSAND THIRTEEN FOR THE PURPOSE OF MULTI-FAMILY
RESIDENTIAL,  MIXED  USE, COMMERCIAL, BUSINESS OR INDUSTRIAL ACTIVITY IN
VILLAGES WITH A POPULATION OF NOT LESS THAN FIVE THOUSAND AND  NOT  MORE
THAN  SIX  THOUSAND  IN  COUNTIES WITH A POPULATION OF NOT LESS THAN TWO
HUNDRED NINETY THOUSAND AND NOT MORE THAN THREE  HUNDRED  FIVE  THOUSAND
MAY  BE  EXEMPT  FROM TAXATION AND SPECIAL AD VALOREM LEVIES, EXCEPT FOR
SPECIAL AD VALOREM LEVIES FOR FIRE DISTRICT,  FIRE  PROTECTION  DISTRICT
AND FIRE ALARM DISTRICT PURPOSES AS PROVIDED IN THIS SECTION.
  2. (A) (I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF ONE YEAR
TO  THE  EXTENT  OF  SIXTY  PER CENTUM OF THE INCREASE IN ASSESSED VALUE
THEREOF ATTRIBUTABLE TO SUCH CONSTRUCTION, ALTERATION,  INSTALLATION  OR
IMPROVEMENT  AND FOR AN ADDITIONAL PERIOD OF NINE YEARS PROVIDED, HOWEV-
ER, THAT THE EXTENT OF SUCH EXEMPTION SHALL BE DECREASED BY NO LESS THAN
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 FOLLOWING THE
FILING OF AN ORIGINAL APPLICATION, EXCEPT AS  PROVIDED  IN  SUBPARAGRAPH
(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 STATE BOARD, 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-
              

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