Senate Bill S7257A

Signed By Governor
2015-2016 Legislative Session

Provides for an exemption for certain real property in certain counties

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Archive: Last Bill Status Via A9678 - Signed by Governor

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

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Bill Amendments

2015-S7257 - Details

See Assembly Version of this Bill:
A9678
Law Section:
Real Property Tax Law
Laws Affected:
Add §467-j, RPT L

2015-S7257 - Summary

Provides for an exemption for certain real property in certain counties.

2015-S7257 - Sponsor Memo

2015-S7257 - Bill Text download pdf 

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

                                  7257

                            I N  S E N A T E

                             April 12, 2016
                               ___________

Introduced  by  Sen.  O'MARA -- 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  providing  a
  real  property  tax  exemption  for  certain property in the county of
  Tompkins

  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 467-j to read as follows:
  S 467-J. EXEMPTION FOR CERTAIN PROPERTY IN THE COUNTY OF TOMPKINS.  1.
NOTWITHSTANDING  ANY  OTHER PROVISION OF LAW, THE COUNTY OF TOMPKINS, BY
LOCAL LAW AFTER PUBLIC HEARING AND BY LOCAL OPTION  OF  THE  LEGISLATURE
BOARD IN THE ASSESSING UNIT, IS AUTHORIZED TO GRANT A PARTIAL REAL PROP-
ERTY  TAX  EXEMPTION FOR PROPERTY WHICH IS LOCATED IN SUCH COUNTY AND IS
OWNED BY A NON-PROFIT ENTITY WHICH IS SUBJECT TO AN  INITIAL  REGULATORY
AGREEMENT ESTABLISHED IN SUCH COUNTY.
  2.  THE  REAL  PROPERTY TAX EXEMPTION AUTHORIZED BY SUBDIVISION ONE OF
THIS SECTION SHALL BE IN AN AMOUNT EQUAL TO THE DIFFERENCE  BETWEEN  THE
FULL  RESALE  VALUE OF SUCH REAL PROPERTY ABSENT ANY RESTRICTION AND THE
MAXIMUM RESALE VALUE OF SUCH REAL PROPERTY ESTABLISHED  BY  SUCH  GROUND
LEASE  TO RESIDENTIAL PROPERTIES LOCATED ON LAND OWNED BY A NOT-FOR-PRO-
FIT ENTITY AND SUBJECT TO REGULATORY RESTRICTIONS FROM FEDERAL, STATE OR
LOCAL HOUSING PROGRAMS THAT PROVIDE GRANTS OR LOANS TO  ENHANCE  HOUSING
AFFORDABILITY  AND  SUBJECT  TO A GROUND LEASE OR DEED RESTRICTIONS THAT
RESTRICT THE RESALE PRICE OF SUCH REAL  PROPERTY  FOR  AT  LEAST  THIRTY
YEARS.
  S 2. This act shall take effect immediately and shall apply to assess-
ment rolls prepared on the basis of taxable status dates occurring on or
after such date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14572-04-6

2015-S7257A (ACTIVE) - Details

See Assembly Version of this Bill:
A9678
Law Section:
Real Property Tax Law
Laws Affected:
Add §467-j, RPT L

2015-S7257A (ACTIVE) - Summary

Provides for an exemption for certain real property in certain counties.

2015-S7257A (ACTIVE) - Sponsor Memo

2015-S7257A (ACTIVE) - Bill Text download pdf 

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

                                 7257--A
    Cal. No. 829

                            I N  S E N A T E

                             April 12, 2016
                               ___________

Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Local  Government  --
  reported  favorably  from  said committee, ordered to first and second
  report, ordered to a third reading,  amended  and  ordered  reprinted,
  retaining its place in the order of third reading

AN  ACT  to  amend the real property tax law, in relation to providing a
  real property tax exemption for certain property in certain counties

  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 467-j to read as follows:
  S 467-J.   EXEMPTION FOR CERTAIN  RESIDENTIAL  PROPERTIES  LOCATED  IN
CERTAIN  COUNTIES.  1.  AFTER A PUBLIC HEARING, THE GOVERNING BOARD OF A
COUNTY WITH A POPULATION GREATER THAN ONE HUNDRED THOUSAND AND LESS THAN
ONE HUNDRED FIVE THOUSAND BASED UPON THE  LATEST  DECENNIAL  CENSUS  MAY
ADOPT A LOCAL LAW TO GRANT A PARTIAL EXEMPTION FROM TAXATION AND SPECIAL
AD  VALOREM  LEVIES  AUTHORIZED PURSUANT TO THIS SECTION. FOLLOWING SUCH
ADOPTION, ANY CITY, TOWN OR VILLAGE WITHIN SUCH A  COUNTY  MAY  ADOPT  A
LOCAL  LAW  AND  A  SCHOOL  DISTRICT  WITHIN SUCH A COUNTY, OTHER THAN A
SCHOOL DISTRICT SUBJECT TO ARTICLE FIFTY-TWO OF THE EDUCATION  LAW,  MAY
ADOPT  A  RESOLUTION TO ALSO GRANT A PARTIAL EXEMPTION FROM TAXATION AND
SPECIAL AD VALOREM LEVIES AUTHORIZED PURSUANT TO THIS SECTION.
  2. THE REAL PROPERTY TAX EXEMPTION AUTHORIZED BY  SUBDIVISION  ONE  OF
THIS  SECTION  SHALL BE IN AN AMOUNT EQUAL TO THE LATEST STATE EQUALIZA-
TION RATE MULTIPLIED BY THE DIFFERENCE BETWEEN THE FULL RESALE VALUE  OF
SUCH  REAL  PROPERTY ABSENT ANY RESTRICTION AND THE MAXIMUM RESALE VALUE
OF SUCH REAL PROPERTY ESTABLISHED BY SUCH GROUND  LEASE  TO  RESIDENTIAL
PROPERTIES  LOCATED ON LAND OWNED BY A NOT-FOR-PROFIT ENTITY AND SUBJECT
TO REGULATORY RESTRICTIONS FROM FEDERAL, STATE OR LOCAL HOUSING PROGRAMS
THAT PROVIDE GRANTS  OR  LOANS  TO  ENHANCE  HOUSING  AFFORDABILITY  AND
SUBJECT  TO A GROUND LEASE OR DEED RESTRICTIONS THAT RESTRICT THE RESALE
PRICE OF SUCH REAL PROPERTY FOR AT LEAST THIRTY YEARS.
  3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
OR  OWNERS OF SUCH REAL PROPERTY ON A FORM PRESCRIBED BY THE COMMISSION-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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