| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 17, 2014 |
referred to local government |
Senate Bill S6347
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Local Government Committee
Actions
2013-S6347 (ACTIVE) - Details
2013-S6347 (ACTIVE) - Sponsor Memo
BILL NUMBER:S6347
TITLE OF BILL: An act to amend the real property tax law, in relation
to a real property tax exemption for property owned by a limited
liability company
PURPOSE: To allow an otherwise qualified property owner to receive
the STAR (School Tax Relief) exemption on his or her primary residence
if the residence is owned by a limited liability company (LLC) which
is owned by the property owner.
SUMMARY OF PROVISIONS:
Section 1 amends subdivision 3 of Section 425 of the Real Property Tax
Law, which provides for the STAR exemption, by adding a new paragraph
e-1 which adds a primary residence owned by a limited liability
company to the type of property eligible for the STAR exemption. It
also provides that such property must serve as the primary residence
of one or more of the members of the LLC and that those members who
reside thereon personally pay the real property taxes associated with
the property's ownership,
EXISTING LAW: Real property owned by a LLC is not eligible for a STAR
exemption
JUSTIFICATION: New York State's School Tax Relief (STAR) Program
2013-S6347 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
6347
I N S E N A T E
January 17, 2014
___________
Introduced by Sen. FARLEY -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the real property tax law, in relation to a real proper-
ty tax exemption for property owned by a limited liability company
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivision 3 of section 425 of the real property tax law
is amended by adding a new paragraph (e-1) to read as follows:
(E-1) DWELLINGS OWNED BY A LIMITED LIABILITY COMPANY. IF LEGAL TITLE
TO A DWELLING IS HELD BY A LIMITED LIABILITY COMPANY, THE EXEMPTION
SHALL BE GRANTED IF THE PROPERTY SERVES AS THE PRIMARY RESIDENCE OF ONE
OR MORE OF THE MEMBERS OF THE LIMITED LIABILITY COMPANY, PROVIDED THAT
THE MEMBER OR MEMBERS WHO PRIMARILY RESIDE THEREON PERSONALLY PAY ALL OF
THE REAL PROPERTY TAXES AND OTHER COSTS ASSOCIATED WITH THE PROPERTY'S
OWNERSHIP.
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13122-02-4
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