senate Bill S5992A

Signed By Governor
2013-2014 Legislative Session

Relates to exemption of capital improvements to multiple dwellings within certain cities

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Sponsored By

Archive: Last Bill Status Via A8323 - Signed by Governor


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Sep 23, 2014 signed chap.365
Sep 11, 2014 delivered to governor
May 29, 2014 returned to assembly
passed senate
3rd reading cal.778
substituted for s5992a
May 29, 2014 substituted by a8323a
May 21, 2014 advanced to third reading
May 20, 2014 2nd report cal.
May 19, 2014 1st report cal.778
Apr 24, 2014 print number 5992a
amend and recommit to housing, construction and community development
Jan 08, 2014 referred to housing, construction and community development
Nov 22, 2013 referred to rules

Votes

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May 19, 2014 - Housing, Construction and Community Development committee Vote

S5992A
6
0
committee
6
Aye
0
Nay
1
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Housing, Construction and Community Development committee vote details

Housing, Construction and Community Development Committee Vote: May 19, 2014

aye wr (1)
excused (2)

Bill Amendments

Original
A (Active)
Original
A (Active)

S5992 - Bill Details

See Assembly Version of this Bill:
A8323A
Law Section:
Real Property Tax Law
Laws Affected:
Add §421-n, RPT L

S5992 - Bill Texts

view summary

Provides for an exemption for capital improvements to multiple dwellings within certain cities where such multiple dwelling buildings are converted back to an owner occupied single family dwelling or any owner occupied multiple dwelling.

view sponsor memo
BILL NUMBER:S5992

TITLE OF BILL: An act to amend the real property tax law, in relation
to exemption of capital improvements to multiple dwellings within
certain cities

PURPOSE:

The measure is intended to authorize the Oneonta City Common Council,
at local option, to grant tax exemptions to those investing in the
city's housing stock.

SUMMARY OF PROVISIONS:

The bill adds a new section of law, §421-n, to the real property tax
law to authorize the city of Oneonta and similarly sized cities to
grant real property tax exemptions for capital improvements to
multiple housing units.

EXISTING LAW:

Current law includes no provision allowing the participation of cities
with more than ten thousand but fewer than twenty thousand residents
to participate in the tax benefits offered under real property tax law
§ 421.

JUSTIFICATION:

Cities with more than ten thousand, but fewer than twenty thousand
residents, are currently barred from offering various tax breaks to
property owners who invest in the improvement of multiple dwelling
units, as is available to other municipalities under § 421 of the
RPTL. The Oneonta City Common Council has requested the authority, by
resolution, to offer such tax exemptions within their municipal limits
subject to approval of a local law Approval of the legislation gives
cities of a certain size a tool to help provide, preserve and improve
the quality of multiple housing for their residents.

LEGISLATIVE HISTORY:

New bill

FISCAL IMPLICATIONS:

None to the state

EFFECTIVE DATE:

Immediately. The city will be required to enact its own local law.

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

                                  5992

                       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  exemption  of
  capital improvements to multiple dwellings within 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 421-n to read as follows:
  S 421-N. EXEMPTION OF CAPITAL IMPROVEMENTS TO MULTIPLE DWELLING BUILD-
INGS  WITHIN  CERTAIN  CITIES.  1.  MULTIPLE  DWELLING BUILDINGS, RECON-
STRUCTED, ALTERED, CONVERTED BACK TO AN  OWNER  OCCUPIED  SINGLE  FAMILY
DWELLING  OR  ANY  OWNER  OCCUPIED MULTIPLE DWELLING LOCATED IN ANY CITY
HAVING A POPULATION OF MORE THAN TEN THOUSAND INHABITANTS BUT LESS  THAN
TWENTY  THOUSAND  INHABITANTS,  DETERMINED IN ACCORDANCE WITH THE LATEST
FEDERAL DECENNIAL CENSUS, THAT IS REDUCED TO AT MOST TWO UNITS  BY  SUCH
RECONSTRUCTION  SUBSEQUENT TO THE EFFECTIVE DATE OF A LOCAL LAW PURSUANT
TO THIS SECTION SHALL BE EXEMPT FROM TAXATION  AND  SPECIAL  AD  VALOREM
LEVIES  TO  THE EXTENT PROVIDED HEREINAFTER. AFTER A PUBLIC HEARING, THE
GOVERNING BOARD OF SUCH  CITY  MAY  ADOPT  A  LOCAL  LAW  TO  GRANT  THE
EXEMPTION  AUTHORIZED PURSUANT TO THIS SECTION. A COPY OF SUCH LOCAL LAW
SHALL BE FILED WITH THE COMMISSIONER AND THE ASSESSOR OF SUCH  CITY  WHO
PREPARES THE ASSESSMENT ROLL ON WHICH THE TAXES OF SUCH CITY ARE LEVIED.
  2. (A) SUCH BUILDINGS WITHIN SUCH CITY SHALL BE EXEMPT FOR A PERIOD OF
ONE  YEAR  TO  THE  EXTENT  OF  ONE  HUNDRED  PERCENT OF THE INCREASE IN
ASSESSED  VALUE  ATTRIBUTABLE  TO  SUCH  RECONSTRUCTION,  ALTERATION  OR
IMPROVEMENT  AND  FOR AN ADDITIONAL PERIOD OF SEVEN YEARS SUBJECT TO THE
FOLLOWING:
  (I) THE EXTENT OF SUCH EXEMPTION SHALL  BE  DECREASED  BY  TWELVE  AND
ONE-HALF  PERCENT  OF  THE  "EXEMPTION BASE" EACH YEAR DURING SUCH ADDI-
TIONAL PERIOD. THE "EXEMPTION BASE" SHALL BE THE  INCREASE  IN  ASSESSED

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11995-01-3

S. 5992                             2

VALUE  AS  DETERMINED  IN THE INITIAL YEAR OF THE TERM OF THE EXEMPTION,
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 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-
MENT  ROLL.  THE  RESULT  SHALL BE THE NEW EXEMPTION BASE. THE EXEMPTION
SHALL THEREUPON BE RECOMPUTED TO TAKE INTO  ACCOUNT  THE  NEW  EXEMPTION
BASE,  NOTWITHSTANDING THE FACT THAT THE ASSESSOR RECEIVES CERTIFICATION
OF THE CHANGE IN LEVEL OF ASSESSMENT AFTER THE COMPLETION,  VERIFICATION
AND  FILING OF THE FINAL ASSESSMENT ROLL. IN THE EVENT THE ASSESSOR DOES
NOT HAVE CUSTODY OF THE ROLL WHEN SUCH CERTIFICATION  IS  RECEIVED,  THE
ASSESSOR  SHALL  CERTIFY  THE RECOMPUTED EXEMPTION TO THE LOCAL OFFICERS
HAVING CUSTODY AND CONTROL OF THE ROLL,  AND  SUCH  LOCAL  OFFICERS  ARE
HEREBY  DIRECTED AND AUTHORIZED TO ENTER THE RECOMPUTED EXEMPTION CERTI-
FIED BY THE ASSESSOR ON THE ROLL. THE ASSESSOR SHALL GIVE WRITTEN NOTICE
OF SUCH RECOMPUTED EXEMPTION TO THE PROPERTY OWNER, WHO MAY,  IF  HE  OR
SHE  BELIEVES THAT THE EXEMPTION WAS RECOMPUTED INCORRECTLY, APPLY FOR A
CORRECTION IN THE MANNER PROVIDED BY TITLE THREE OF ARTICLE FIVE OF THIS
CHAPTER FOR THE CORRECTION OF CLERICAL ERRORS.
  (III) SUCH EXEMPTION SHALL BE LIMITED TO ONE HUNDRED THOUSAND  DOLLARS
IN INCREASED MARKET VALUE, OR SUCH OTHER SUM LESS THAN ONE HUNDRED THOU-
SAND  DOLLARS, BUT NOT LESS THAN TEN THOUSAND DOLLARS AS MAY BE PROVIDED
BY THE LOCAL LAW OR RESOLUTION, OF THE  PROPERTY  ATTRIBUTABLE  TO  SUCH
RECONSTRUCTION,  ALTERATION  OR  IMPROVEMENT  AND ANY INCREASE IN MARKET
VALUE GREATER THAN SUCH AMOUNT SHALL NOT BE ELIGIBLE FOR  THE  EXEMPTION
PURSUANT  TO  THIS SECTION. FOR THE PURPOSES OF THIS SECTION, THE MARKET
VALUE OF THE RECONSTRUCTION, ALTERATION OR IMPROVEMENT SHALL BE EQUAL TO
THE INCREASED ASSESSED VALUE ATTRIBUTABLE TO SUCH RECONSTRUCTION, ALTER-
ATION OR IMPROVEMENT DIVIDED BY  THE  MOST  RECENTLY  ESTABLISHED  STATE
EQUALIZATION  RATE  FOR  SUCH CITY. WHERE THE STATE EQUALIZATION RATE OR
SPECIAL EQUALIZATION RATE EQUALS OR  EXCEEDS  NINETY-FIVE  PERCENT,  THE
INCREASE  IN  ASSESSED VALUE ATTRIBUTABLE TO SUCH RECONSTRUCTION, ALTER-
ATION OR IMPROVEMENT SHALL BE DEEMED TO EQUAL THE MARKET VALUE  OF  SUCH
RECONSTRUCTION, ALTERATION OR IMPROVEMENT.
  (B) NO SUCH EXEMPTION SHALL BE GRANTED FOR RECONSTRUCTION, ALTERATIONS
OR IMPROVEMENTS UNLESS:
  (I)  SUCH  RECONSTRUCTION,  ALTERATION  OR  CONVERTED  IMPROVEMENT WAS
COMMENCED SUBSEQUENT TO THE EFFECTIVE DATE  OF  THE  LOCAL  LAW  ADOPTED
PURSUANT TO SUBDIVISION ONE OF THIS SECTION BY SUCH CITY; AND
  (II)  THE  VALUE  OF  SUCH  RECONSTRUCTION,  ALTERATION OR IMPROVEMENT
EXCEEDS FIVE THOUSAND DOLLARS; AND
  (III) THE GREATER PORTION, AS SO DETERMINED BY SQUARE FOOTAGE, OF  THE
BUILDING RECONSTRUCTED, ALTERED OR IMPROVED IS AT LEAST FIVE YEARS OLD.
  (C)  FOR PURPOSES OF THIS SECTION THE TERMS RECONSTRUCTION, ALTERATION
AND IMPROVEMENT SHALL NOT INCLUDE ORDINARY MAINTENANCE AND REPAIRS.
  3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
OF  SUCH BUILDING ON A FORM PRESCRIBED BY THE COMMISSIONER. THE APPLICA-
TION SHALL BE FILED WITH THE ASSESSOR OF SUCH  CITY  ON  OR  BEFORE  THE
APPROPRIATE TAXABLE STATUS DATE OF SUCH CITY.
  4.  IF SATISFIED THAT THE APPLICANT IS ENTITLED TO AN EXEMPTION PURSU-
ANT TO THIS SECTION, THE ASSESSOR SHALL APPROVE THE APPLICATION AND SUCH

S. 5992                             3

BUILDING SHALL THEREAFTER BE EXEMPT FROM TAXATION AND SPECIAL AD VALOREM
LEVIES AS PROVIDED IN THIS SECTION COMMENCING WITH THE  ASSESSMENT  ROLL
PREPARED ON THE BASIS OF THE TAXABLE STATUS DATE REFERRED TO IN SUBDIVI-
SION  THREE OF THIS SECTION. THE ASSESSED VALUE OF ANY EXEMPTION GRANTED
PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE ASSESSOR ON THE ASSESS-
MENT ROLL WITH THE TAXABLE PROPERTY, WITH THE AMOUNT  OF  THE  EXEMPTION
SHOWN IN A SEPARATE COLUMN.
  5. FOR THE PURPOSES OF THIS SECTION, AN OWNER OCCUPIED MULTIPLE DWELL-
ING  BUILDING SHALL MEAN ANY BUILDING OR STRUCTURE DESIGNED AND OCCUPIED
AS THE TEMPORARY OR PERMANENT RESIDENCE OR HOME OF TWO OR MORE FAMILIES,
INCLUDING THE OWNER OF SUCH BUILDING.
  6. IN THE EVENT THAT A BUILDING GRANTED AN EXEMPTION PURSUANT TO  THIS
SECTION  CEASES  TO  BE USED PRIMARILY FOR RESIDENTIAL PURPOSES OR TITLE
THERETO IS TRANSFERRED TO OTHER THAN THE HEIRS OR  DISTRIBUTEES  OF  THE
OWNER, THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
  7. (A) THE ENACTMENT OF A LOCAL LAW IN SUCH CITY MAY:
  (I) REDUCE THE PERCENT OF EXEMPTION OTHERWISE ALLOWED PURSUANT TO THIS
SECTION;
  (II)  LIMIT  ELIGIBILITY  FOR  THE  EXEMPTION TO THOSE FORMS OF RECON-
STRUCTION, ALTERATIONS OR IMPROVEMENTS AS ARE PRESCRIBED IN  SUCH  LOCAL
LAW OR RESOLUTION;
  (III)  PROVIDE  THAT  THE  EXEMPTION SHALL BE APPLICABLE ONLY TO THOSE
IMPROVEMENTS WHICH WOULD OTHERWISE RESULT IN AN INCREASE IN THE ASSESSED
VALUATION OF THE REAL PROPERTY BUT WHICH CONSIST OF AN ADDITION,  REMOD-
ELING  OR MODERNIZATION TO AN EXISTING OWNER OCCUPIED MULTIPLE RESIDENCE
STRUCTURE TO PREVENT PHYSICAL  DETERIORATION  OF  THE  STRUCTURE  OR  TO
COMPLY WITH APPLICABLE BUILDING, SANITARY, HEALTH AND/OR FIRE CODES.
  (B)  NO  SUCH  LOCAL  LAW  SHALL REDUCE OR REPEAL AN EXEMPTION GRANTED
PURSUANT TO THIS SECTION UNTIL THE EXPIRATION OF THE  PERIOD  FOR  WHICH
SUCH EXEMPTION WAS GRANTED.
  S 2. This act shall take effect immediately.

S5992A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A8323A
Law Section:
Real Property Tax Law
Laws Affected:
Add §421-n, RPT L

S5992A (ACTIVE) - Bill Texts

view summary

Provides for an exemption for capital improvements to multiple dwellings within certain cities where such multiple dwelling buildings are converted back to an owner occupied single family dwelling or any owner occupied multiple dwelling.

view sponsor memo
BILL NUMBER:S5992A

TITLE OF BILL: An act to amend the real property tax law, in relation
to exemption of capital improvements to multiple dwellings within
certain cities

PURPOSE:

The measure is intended to authorize the Oneonta City Common Council,
at local option, to provide tax exemptions to those investing in the
city's housing stock.

SUMMARY OF PROVISIONS:

The bill adds a new section of law, § 421-n, to the Real Property Tax
Law to authorize cities with more than 13,500 inhabitants but less
than 14,000 inhabitants to grant real property tax exemptions to
multiple dwelling buildings, reconstructed, altered, converted back to
an owner occupied single family dwelling or any owner occupied
multiple dwelling that is reduced to at most two units by such
reconstruction.

EXISTING LAW:

Current law includes no provision allowing cities with more than
13,500 inhabitants but less than 14,000 inhabitants to offer this type
of exemption.

JUSTIFICATION:

Cities with more than 13,500 inhabitants but less than 14,000
inhabitants are currently barred from offering tax breaks to property
owners who convert multiple dwellings into single family residences or
two unit residences, as is available to other municipalities under
421-h, § 421-i, § 421-j and § 421-k of the Real Property Tax Law. The
Oneonta City Common Council has requested the authority, by
resolution, to offer such tax exemptions within their municipal limits
subject to approval of a local law. Approval of the legislation gives
cities of a certain size a tool to help provide, preserve and improve
the quality of multiple housing for their residents.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

None to the State

EFFECTIVE DATE:

Immediately. The city will be required to enact its own local law.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5992--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  Housing, Construction and Community Development in
  accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the real property tax law, in relation to  exemption  of
  capital improvements to multiple dwellings within 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 421-n to read as follows:
  S 421-N. EXEMPTION OF CAPITAL IMPROVEMENTS TO MULTIPLE DWELLING BUILD-
INGS  WITHIN  CERTAIN  CITIES.  1.  MULTIPLE  DWELLING BUILDINGS, RECON-
STRUCTED, ALTERED, CONVERTED BACK TO AN  OWNER  OCCUPIED  SINGLE  FAMILY
DWELLING  OR  ANY  OWNER  OCCUPIED MULTIPLE DWELLING LOCATED IN ANY CITY
HAVING A POPULATION OF MORE THAN THIRTEEN THOUSAND FIVE HUNDRED INHABIT-
ANTS BUT LESS THAN FOURTEEN THOUSAND INHABITANTS, DETERMINED IN  ACCORD-
ANCE  WITH  THE  LATEST  FEDERAL DECENNIAL CENSUS, THAT IS REDUCED TO AT
MOST TWO UNITS BY SUCH RECONSTRUCTION SUBSEQUENT TO THE  EFFECTIVE  DATE
OF  A  LOCAL  LAW PURSUANT TO THIS SECTION SHALL BE EXEMPT FROM TAXATION
AND SPECIAL AD VALOREM LEVIES TO THE EXTENT PROVIDED HEREINAFTER.  AFTER
A PUBLIC HEARING, THE GOVERNING BOARD OF SUCH CITY MAY ADOPT A LOCAL LAW
TO  GRANT  THE  EXEMPTION AUTHORIZED PURSUANT TO THIS SECTION. A COPY OF
SUCH LOCAL LAW SHALL BE FILED WITH THE COMMISSIONER AND THE ASSESSOR  OF
SUCH  CITY  WHO  PREPARES THE ASSESSMENT ROLL ON WHICH THE TAXES OF SUCH
CITY ARE LEVIED.
  2. (A) SUCH BUILDINGS WITHIN SUCH CITY SHALL BE EXEMPT FOR A PERIOD OF
ONE YEAR TO THE EXTENT  OF  ONE  HUNDRED  PERCENT  OF  THE  INCREASE  IN
ASSESSED  VALUE  ATTRIBUTABLE  TO  SUCH  RECONSTRUCTION,  ALTERATION  OR

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11995-03-4

S. 5992--A                          2

IMPROVEMENT AND FOR AN ADDITIONAL PERIOD OF SEVEN YEARS SUBJECT  TO  THE
FOLLOWING:
  (I)  THE  EXTENT  OF  SUCH  EXEMPTION SHALL BE DECREASED BY TWELVE AND
ONE-HALF PERCENT OF THE "EXEMPTION BASE" EACH  YEAR  DURING  SUCH  ADDI-
TIONAL  PERIOD.  THE  "EXEMPTION BASE" SHALL BE THE INCREASE IN ASSESSED
VALUE AS DETERMINED IN THE INITIAL YEAR OF THE TERM  OF  THE  EXEMPTION,
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 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-
MENT  ROLL.  THE  RESULT  SHALL BE THE NEW EXEMPTION BASE. THE EXEMPTION
SHALL THEREUPON BE RECOMPUTED TO TAKE INTO  ACCOUNT  THE  NEW  EXEMPTION
BASE,  NOTWITHSTANDING THE FACT THAT THE ASSESSOR RECEIVES CERTIFICATION
OF THE CHANGE IN LEVEL OF ASSESSMENT AFTER THE COMPLETION,  VERIFICATION
AND  FILING OF THE FINAL ASSESSMENT ROLL. IN THE EVENT THE ASSESSOR DOES
NOT HAVE CUSTODY OF THE ROLL WHEN SUCH CERTIFICATION  IS  RECEIVED,  THE
ASSESSOR  SHALL  CERTIFY  THE RECOMPUTED EXEMPTION TO THE LOCAL OFFICERS
HAVING CUSTODY AND CONTROL OF THE ROLL,  AND  SUCH  LOCAL  OFFICERS  ARE
HEREBY  DIRECTED AND AUTHORIZED TO ENTER THE RECOMPUTED EXEMPTION CERTI-
FIED BY THE ASSESSOR ON THE ROLL. THE ASSESSOR SHALL GIVE WRITTEN NOTICE
OF SUCH RECOMPUTED EXEMPTION TO THE PROPERTY OWNER, WHO MAY,  IF  HE  OR
SHE  BELIEVES THAT THE EXEMPTION WAS RECOMPUTED INCORRECTLY, APPLY FOR A
CORRECTION IN THE MANNER PROVIDED BY TITLE THREE OF ARTICLE FIVE OF THIS
CHAPTER FOR THE CORRECTION OF CLERICAL ERRORS.
  (III) SUCH EXEMPTION SHALL BE LIMITED TO ONE HUNDRED THOUSAND  DOLLARS
IN INCREASED MARKET VALUE, OR SUCH OTHER SUM LESS THAN ONE HUNDRED THOU-
SAND  DOLLARS, BUT NOT LESS THAN TEN THOUSAND DOLLARS AS MAY BE PROVIDED
BY THE LOCAL LAW OR RESOLUTION, OF THE  PROPERTY  ATTRIBUTABLE  TO  SUCH
RECONSTRUCTION,  ALTERATION  OR  IMPROVEMENT  AND ANY INCREASE IN MARKET
VALUE GREATER THAN SUCH AMOUNT SHALL NOT BE ELIGIBLE FOR  THE  EXEMPTION
PURSUANT  TO  THIS SECTION. FOR THE PURPOSES OF THIS SECTION, THE MARKET
VALUE OF THE RECONSTRUCTION, ALTERATION OR IMPROVEMENT SHALL BE EQUAL TO
THE INCREASED ASSESSED VALUE ATTRIBUTABLE TO SUCH RECONSTRUCTION, ALTER-
ATION OR IMPROVEMENT DIVIDED BY  THE  MOST  RECENTLY  ESTABLISHED  STATE
EQUALIZATION  RATE  FOR  SUCH CITY. WHERE THE STATE EQUALIZATION RATE OR
SPECIAL EQUALIZATION RATE EQUALS OR  EXCEEDS  NINETY-FIVE  PERCENT,  THE
INCREASE  IN  ASSESSED VALUE ATTRIBUTABLE TO SUCH RECONSTRUCTION, ALTER-
ATION OR IMPROVEMENT SHALL BE DEEMED TO EQUAL THE MARKET VALUE  OF  SUCH
RECONSTRUCTION, ALTERATION OR IMPROVEMENT.
  (B) NO SUCH EXEMPTION SHALL BE GRANTED FOR RECONSTRUCTION, ALTERATIONS
OR IMPROVEMENTS UNLESS:
  (I)  SUCH  RECONSTRUCTION,  ALTERATION  OR  CONVERTED  IMPROVEMENT WAS
COMMENCED SUBSEQUENT TO THE EFFECTIVE DATE  OF  THE  LOCAL  LAW  ADOPTED
PURSUANT TO SUBDIVISION ONE OF THIS SECTION BY SUCH CITY; AND
  (II)  THE  VALUE  OF  SUCH  RECONSTRUCTION,  ALTERATION OR IMPROVEMENT
EXCEEDS FIVE THOUSAND DOLLARS; AND
  (III) THE GREATER PORTION, AS SO DETERMINED BY SQUARE FOOTAGE, OF  THE
BUILDING RECONSTRUCTED, ALTERED OR IMPROVED IS AT LEAST FIVE YEARS OLD.
  (C)  FOR PURPOSES OF THIS SECTION THE TERMS RECONSTRUCTION, ALTERATION
AND IMPROVEMENT SHALL NOT INCLUDE ORDINARY MAINTENANCE AND REPAIRS.

S. 5992--A                          3

  3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
OF  SUCH BUILDING ON A FORM PRESCRIBED BY THE COMMISSIONER. THE APPLICA-
TION SHALL BE FILED WITH THE ASSESSOR OF SUCH  CITY  ON  OR  BEFORE  THE
APPROPRIATE TAXABLE STATUS DATE OF SUCH CITY.
  4.  IF SATISFIED THAT THE APPLICANT IS ENTITLED TO AN EXEMPTION PURSU-
ANT TO THIS SECTION, THE ASSESSOR SHALL APPROVE THE APPLICATION AND SUCH
BUILDING SHALL THEREAFTER BE EXEMPT FROM TAXATION AND SPECIAL AD VALOREM
LEVIES AS PROVIDED IN THIS SECTION COMMENCING WITH THE  ASSESSMENT  ROLL
PREPARED ON THE BASIS OF THE TAXABLE STATUS DATE REFERRED TO IN SUBDIVI-
SION  THREE OF THIS SECTION. THE ASSESSED VALUE OF ANY EXEMPTION GRANTED
PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE ASSESSOR ON THE ASSESS-
MENT ROLL WITH THE TAXABLE PROPERTY, WITH THE AMOUNT  OF  THE  EXEMPTION
SHOWN IN A SEPARATE COLUMN.
  5. FOR THE PURPOSES OF THIS SECTION, AN OWNER OCCUPIED MULTIPLE DWELL-
ING  BUILDING SHALL MEAN ANY BUILDING OR STRUCTURE DESIGNED AND OCCUPIED
AS THE TEMPORARY OR PERMANENT RESIDENCE OR HOME OF TWO OR MORE FAMILIES,
INCLUDING THE OWNER OF SUCH BUILDING.
  6. IN THE EVENT THAT A BUILDING GRANTED AN EXEMPTION PURSUANT TO  THIS
SECTION  CEASES  TO  BE USED PRIMARILY FOR RESIDENTIAL PURPOSES OR TITLE
THERETO IS TRANSFERRED TO OTHER THAN THE HEIRS OR  DISTRIBUTEES  OF  THE
OWNER, THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
  7. (A) THE ENACTMENT OF A LOCAL LAW IN SUCH CITY MAY:
  (I) REDUCE THE PERCENT OF EXEMPTION OTHERWISE ALLOWED PURSUANT TO THIS
SECTION;
  (II)  LIMIT  ELIGIBILITY  FOR  THE  EXEMPTION TO THOSE FORMS OF RECON-
STRUCTION, ALTERATIONS OR IMPROVEMENTS AS ARE PRESCRIBED IN  SUCH  LOCAL
LAW OR RESOLUTION;
  (III)  PROVIDE  THAT  THE  EXEMPTION SHALL BE APPLICABLE ONLY TO THOSE
IMPROVEMENTS WHICH WOULD OTHERWISE RESULT IN AN INCREASE IN THE ASSESSED
VALUATION OF THE REAL PROPERTY BUT WHICH CONSIST OF AN ADDITION,  REMOD-
ELING  OR MODERNIZATION TO AN EXISTING OWNER OCCUPIED MULTIPLE RESIDENCE
STRUCTURE TO PREVENT PHYSICAL  DETERIORATION  OF  THE  STRUCTURE  OR  TO
COMPLY WITH APPLICABLE BUILDING, SANITARY, HEALTH AND/OR FIRE CODES.
  (B)  NO  SUCH  LOCAL  LAW  SHALL REDUCE OR REPEAL AN EXEMPTION GRANTED
PURSUANT TO THIS SECTION UNTIL THE EXPIRATION OF THE  PERIOD  FOR  WHICH
SUCH EXEMPTION WAS GRANTED.
  S 2. This act shall take effect immediately.

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