assembly Bill A9587A

2015-2016 Legislative Session

Relates to residential investment exemptions

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Assembly


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (11)
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

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

A9587 - Summary

Creates a residential real property tax investment exemption in a city with a population of at least 15,100 and less than 15,200.

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.

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

A9587A (ACTIVE) - Summary

Creates a residential real property tax investment exemption in a city with a population of at least 15,100 and less than 15,200.

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.