senate Bill S6362

2013-2014 Legislative Session

Relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments

download bill text pdf

Sponsored By

Archive: Last Bill Status -

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

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view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 21, 2014 referred to local government

S6362 - Details

See Assembly Version of this Bill:
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง489, RPT L

S6362 - Summary

Relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.

S6362 - Sponsor Memo

S6362 - Bill Text download pdf

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


                            I N  S E N A T E

                            January 21, 2014

Introduced  by  Sen.  AVELLA -- 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 the  eligibil-
  ity for J-51 tax abatements to reflect cost of living adjustments


  Section 1. Subdivision 17 of section 489 of the real property tax law,
as added by chapter 4 of the  laws  of  2013,  is  amended  to  read  as
  17.  (a)  For  purposes of this subdivision, "substantial governmental
assistance" shall mean:
  (i) grants, loans or subsidies from any federal, state or local agency
or instrumentality in furtherance of a program for  the  development  of
affordable  housing  approved  by  the  local housing agency, including,
without limitation, financing or insurance provided by the state of  New
York mortgage agency of the New York city residential mortgage insurance
corporation; or
  (ii)  a  written  agreement  between a housing development fund corpo-
ration and the local housing agency  limiting  the  incomes  of  persons
entitled to purchase shares or rent housing accommodations therein.
  (b) Any local law or ordinance providing for benefits pursuant to this
section  must  also  provide  the following with respect to conversions,
alterations or improvements completed on or after December thirty-first,
two thousand eleven:
  (i) except as otherwise provided  in  this  section  with  respect  to
multiple  dwellings,  buildings and structures owned and operated either
by limited-profit housing companies established pursuant to article  two
of  the  private  housing  finance law or redevelopment companies estab-
lished pursuant to article five of the private housing finance  law,  or
with  respect  to  a group of multiple dwellings that was developed as a
planned community  and  that  is  owned  as  two  separate  condominiums
containing  a total of ten thousand or more dwelling units, any multiple
dwelling, building or structure that is owned  as  a  cooperative  or  a
condominium  that  has  an  average  assessed  value [of thirty thousand

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


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