|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 08, 2014||referred to housing, construction and community development|
|Jan 09, 2013||referred to housing, construction and community development|
senate Bill S538
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S538 - Details
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Add §421-n, RPT L
- Versions Introduced in 2011-2012 Legislative Session:
S538 - Sponsor Memo
BILL NUMBER:S538 TITLE OF BILL: An act to amend the real property tax law, in relation to providing certain real property a 15% tax exemption PURPOSE: To provide a 15% real property tax exemption for certain real property where the tax classification resulted in a 25-40% higher tax assessment. SUMMARY OF SPECIFIC PROVISIONS: Section 1 amends the real property tax law to add a new section 421-n to create an exemption certain residential property from local taxation for real property held in condominium form of ownership that satisfies the elements of article nine-b, but for the failure of the developer or owner to file a separate assessment application. The exemption from local taxation shall apply to county, city, school, town and village taxation. The application for exemption must be filed by all owners of the real property and provided all criteria are met, the exemption shall continue in full force for all subsequent, tax years with no need to re-file.
S538 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 538 2013-2014 Regular Sessions I N S E N A T E (PREFILED) January 9, 2013 ___________ Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property tax law, in relation to providing certain real property a 15% 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 421-n to read as follows: S 421-N. EXEMPTION OF CERTAIN RESIDENTIAL PROPERTY FROM LOCAL TAXA- TION. 1. NOTWITHSTANDING THE PROVISIONS OF ANY GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY, 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 REAL PROPERTY: (A) HELD IN CONDOMINIUM FORM OF OWNERSHIP; (B) THAT OTHERWISE SATISFIES THE PROVISIONS AND COMMON ELEMENTS ESTAB- LISHED BY ARTICLE NINE-B OF THE REAL PROPERTY LAW FOR CLASSIFYING REAL PROPERTY AS A CONDOMINIUM; AND (C) BUT FOR THE FAILURE OF THE DEVELOPER OR OWNER OF SUCH REAL PROPER- TY TO FILE THE NECESSARY APPLICATION REQUIRED TO OBTAIN THE SEPARATE ASSESSMENT AND TAXATION PROVIDED IN SECTION THREE HUNDRED THIRTY-NINE-Y OF THE REAL PROPERTY LAW, MAY HAVE BEEN ELIGIBLE FOR SUCH ASSESSMENT AND TAXATION, SHALL BE EXEMPT FROM TAXATION TO THE EXTENT OF FIFTEEN PERCENT OF THE ASSESSED VALUE OF SUCH PROPERTY. 2. THE EXEMPTION FROM TAXATION PROVIDED BY THIS SECTION SHALL BE APPLICABLE TO COUNTY, CITY, SCHOOL, TOWN AND VILLAGE TAXATION. 3. APPLICATION FOR EXEMPTION MUST BE MADE BY THE OWNER, OR ALL OF THE OWNERS, OF SUCH PROPERTY ON A FORM PRESCRIBED BY THE COMMISSIONER OF TAXATION AND FINANCE. THE OWNER OR OWNERS SHALL FILE THE COMPLETED FORM IN THE ASSESSOR'S OFFICE ON OR BEFORE THE APPROPRIATE TAXABLE STATUS EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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