Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jun 08, 2016 |
referred to local government delivered to senate passed assembly ordered to third reading rules cal.139 rules report cal.139 |
Jun 07, 2016 |
reported |
Jun 06, 2016 |
reported referred to rules reported referred to ways and means |
May 20, 2016 |
print number 9587a |
May 20, 2016 |
amend and recommit to real property taxation |
Mar 21, 2016 |
referred to real property taxation |
Assembly Bill A9587A
2015-2016 Legislative Session
Sponsored By
SCHIMMINGER
Archive: Last Bill Status - In Senate Committee Local Government Committee
- 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
Bill Amendments
2015-A9587 - Details
- See Senate Version of this Bill:
- S7015
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Add §485-s, RPT L
2015-A9587 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9587 I N A S S E M B L Y March 21, 2016 ___________ Introduced by M. of A. SCHIMMINGER -- 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. The real property tax law is amended by adding a new section 485-s to read as follows: S 485-S. 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 FIFTEEN THOUSAND ONE HUNDRED AND NOT MORE THAN FIFTEEN THOUSAND TWO HUNDRED, 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 ASSESSED VALUE OF THE PARCEL ON THE IMMEDIATELY PRECEDING FINAL ASSESS- MENT ROLL. THE RESULT SHALL BE THE NEW EXEMPTION BASE. THE EXEMPTION EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
2015-A9587A (ACTIVE) - Details
- See Senate Version of this Bill:
- S7015
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Add §485-s, RPT L
2015-A9587A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 9587--A I N A S S E M B L Y March 21, 2016 ___________ Introduced by M. of A. SCHIMMINGER -- read once and referred to the Committee on Real Property Taxation -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee 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. The real property tax law is amended by adding a new section 485-s to read as follows: S 485-S. RESIDENTIAL INVESTMENT EXEMPTION; CERTAIN CITIES. 1. RESI- DENTIAL REAL PROPERTY CONSTRUCTED ON OR AFTER THE FIRST DAY OF JULY, TWO THOUSAND SIXTEEN IN CITIES WITH A POPULATION OF NOT LESS THAN FIFTEEN THOUSAND ONE HUNDRED AND NOT MORE THAN FIFTEEN THOUSAND TWO HUNDRED, DETERMINED IN ACCORDANCE WITH THE LATEST DECENNIAL CENSUS, MAY BE EXEMPT FROM CITY TAXATION AND SPECIAL AD VALOREM LEVIES AS PROVIDED IN THIS SECTION, PROVIDED SUCH CITY HAS PASSED A LOCAL LAW, PROVIDING THEREFOR. 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.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.