S T A T E O F N E W Y O R K
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3161
2015-2016 Regular Sessions
I N A S S E M B L Y
January 22, 2015
___________
Introduced by M. of A. TITONE -- read once and referred to the Committee
on Real Property Taxation
AN ACT to confirm eligibility for and direct the New York city depart-
ment of finance to provide exemption from taxation of certain residen-
tial dwelling units in the county of Richmond
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. 1. Notwithstanding any law, rule or regulation to the
contrary, where certificates of eligibility for moderate rehabilitation
with enriched benefits were issued by the New York city department of
housing preservation and development on July 28, 2000 and January 30,
2002 for alterations and improvements constructed between 1997 and 2000
with regard to a group of eight class A multiple dwellings reflected on
three separate tax lots, comprised of eleven hundred or more residential
rental units located on the same residential street in the county of
Richmond, exclusively occupied by low income tenants receiving benefits
under section 8 of the United States housing act of 1937 whose incomes
do not exceed 50 percent of the area median income, which are subject to
a 50-year use agreement pursuant to the United States low-income housing
preservation and resident homeownership act of 1990 and funded by at
least 10 million dollars of federal subsidies, each such tax lot shall
be exempt from taxation for local purposes for 34 years under section
489 of the real property tax law and section 11-243 of the administra-
tive code of the city of New York. The New York city department of
finance is hereby directed to comply with the provisions of this
section.
2. For tax lots granted benefits under this section pursuant to
certificates of eligibility issued on July 28, 2000, exemption benefits
shall be based upon all increases in the buildings assessed valuation,
without regard to whether such increases were the result of physical or
equalization increases, as follows:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03837-01-5
A. 3161 2
(a) beginning in tax year 2001-2002 and ending at the completion of
tax year 2032-2033, the exemption benefit shall equal the difference
between the building assessed value for that tax year and tax year
1997-1998 multiplied by the then current overall class 2 tax rate;
(b) for tax year 2033-2034, the exemption benefit shall equal eighty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2001-2002 multiplied
by the then current class 2 tax rate;
(c) for tax year 2034-2035, the exemption benefit shall equal sixty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2001-2002 multiplied
by the then current class 2 tax rate;
(d) for tax year 2035-2036, the exemption benefit shall equal forty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2001-2002 multiplied
by the then current class 2 tax rate;
(e) for tax year 2036-2037, the exemption benefit shall equal twenty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2001-2002 multiplied
by the then current class 2 tax rate.
3. For tax lots granted benefits under this section pursuant to
certificates of eligibility issued on January 30, 2002, exemption bene-
fits shall be based upon all increases in the buildings assessed valu-
ation, without regard to whether such increases were the result of phys-
ical or equalization increases, as follows:
(a) beginning in tax year 2002-2003 and ending at the completion of
tax year 2033-2034, the exemption benefit shall equal the difference
between the building assessed value for that tax year and tax year
1998-1999 multiplied by the then current overall class 2 tax rate;
(b) for tax year 2034-2035, the exemption benefit shall equal eighty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2002-2003 multiplied
by the then current class 2 tax rate;
(c) for tax year 2035-2036, the exemption benefit shall equal sixty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2002-2003 multiplied
by the then current class 2 tax rate;
(d) for tax year 2036-2037, the exemption benefit shall equal forty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2002-2003 multiplied
by the then current class 2 tax rate;
(e) for tax year 2037-2038, the exemption benefit shall equal twenty
percent of the difference between the then current building assessed
value and the building assessed value in tax year 2002-2003 multiplied
by the then current class 2 tax rate.
4. For all tax years prior to the tax year in which this act takes
effect, all exemption benefits created pursuant to subdivisions two and
three of this section shall result in the creation of credits. The total
of all credits for tax years prior to the tax year in which this act
takes effect shall be applied by the New York city department of finance
to reduce taxes for the remainder of the benefit period, beginning in
the first tax year in which this act takes effect through tax year
2037-2038.
5. The New York city department of housing preservation and develop-
ment is hereby empowered to grant an extension of the period of
completion for any project described in subdivision one of this section,
A. 3161 3
where construction commenced in 2009, if such alterations or improve-
ments are completed within 96 months from commencement of construction;
provided that such conversion, alterations or improvements shall in any
event be completed prior to December 31, 2017.
S 2. This act shall take effect immediately.