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Assembly Bill A9675

2013-2014 Legislative Session

Requires financial institutions to notify property tax assessors when they take possession of real property receiving a STAR exemption

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Archive: Last Bill Status - In Assembly Committee

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2013-A9675 (ACTIVE) - Details

See Senate Version of this Bill:
S7485
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง425, RPT L
Versions Introduced in Other Legislative Sessions:
2015-2016: A155, S326
2017-2018: A941, S1602

2013-A9675 (ACTIVE) - Summary

Requires financial institutions to notify real property tax assessors when they take possession of real property receiving a STAR exemption.

2013-A9675 (ACTIVE) - Bill Text download pdf 

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

    S. 7485                                                  A. 9675

                      S E N A T E - A S S E M B L Y

                              May 15, 2014
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Local Govern-
  ment

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

AN ACT to amend the real property tax law, in  relation  to  school  tax
  relief (STAR) exemptions

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 425 of the real property  tax  law  is  amended  by
adding a new subdivision 15 to read as follows:
  15.  (A) WHENEVER A FINANCIAL INSTITUTION, AS DEFINED BY PARAGRAPH (E)
OF SUBDIVISION TWO OF SECTION 5-1501 OF  THE  GENERAL  OBLIGATIONS  LAW,
TAKES  POSSESSION  OF  REAL  PROPERTY  WHICH  QUALIFIES FOR AN EXEMPTION
PURSUANT TO THIS SECTION, SUCH FINANCIAL INSTITUTION  SHALL  NOTIFY  THE
ASSESSOR  OR  OTHER  PERSON HAVING CUSTODY OF THE ASSESSMENT ROLL IN THE
LOCALITY IN WHICH SUCH REAL PROPERTY IS LOCATED WITHIN  THIRTY  DAYS  OF
TAKING  SUCH  POSSESSION, UPON WHICH SUCH EXEMPTION SHALL BE IMMEDIATELY
DISCONTINUED.
  (B) ANY FINANCIAL INSTITUTION THAT VIOLATES ANY PROVISION OF PARAGRAPH
(A) OF THIS SUBDIVISION SHALL BE LIABLE  FOR  A  CIVIL  PENALTY  NOT  TO
EXCEED FIVE THOUSAND DOLLARS.
  S  2.  This  act shall take effect on the thirtieth day after it shall
have become a law.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD15013-02-4

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