senate Bill S5991A

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 Via A8324 -


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (15)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 21, 2014 approval memo.6
signed chap.405
Oct 09, 2014 delivered to governor
Jun 11, 2014 returned to assembly
passed senate
3rd reading cal.885
substituted for s5991a
Jun 11, 2014 substituted by a8324a
May 28, 2014 advanced to third reading
May 21, 2014 2nd report cal.
May 20, 2014 1st report cal.885
Apr 24, 2014 print number 5991a
amend and recommit to local government
Jan 08, 2014 referred to local government
Nov 22, 2013 referred to rules

S5991 - Details

See Assembly Version of this Bill:
A8324A
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-q, RPT L

S5991 - 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.

S5991 - Sponsor Memo

S5991 - Bill Text download pdf

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

                                  5991

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            November 22, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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

S5991A (ACTIVE) - Details

See Assembly Version of this Bill:
A8324A
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-q, RPT L

S5991A (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.

S5991A (ACTIVE) - Sponsor Memo

S5991A (ACTIVE) - Bill Text download pdf

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

                                 5991--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            November 22, 2013
                               ___________

Introduced  by  Sen.  SEWARD -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules  --  recommitted  to
  the  Committee  on  Local Government in accordance with Senate Rule 6,
  sec. 8 -- 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.
                                                           LBD11994-04-4

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