Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 13, 2015 |
signed chap.150 |
Aug 03, 2015 |
delivered to governor |
May 04, 2015 |
returned to senate passed assembly ordered to third reading cal.243 substituted for a2550 |
May 04, 2015 |
substituted by s1790 |
Apr 30, 2015 |
advanced to third reading cal.243 |
Apr 28, 2015 |
reported |
Mar 03, 2015 |
reported referred to ways and means |
Jan 16, 2015 |
referred to real property taxation |
Assembly Bill A2550
Signed By Governor2015-2016 Legislative Session
Sponsored By
MAGEE
Archive: Last Bill Status Via S1790 - 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
Actions
Votes
2015-A2550 (ACTIVE) - Details
- See Senate Version of this Bill:
- S1790
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd ยง485-q, RPT L
2015-A2550 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 2550 2015-2016 Regular Sessions I N A S S E M B L Y January 16, 2015 ___________ Introduced by M. of A. MAGEE -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to residential investment exemptions in certain cities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 485-q of the real property tax law, as added by chapter 405 of the laws of 2014, is amended 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, DETERMINED IN ACCORDANCE WITH THE LATEST DECENNIAL CENSUS, 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 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07384-02-5
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