Senate Bill S6460

2015-2016 Legislative Session

Relates to authorizing a residential redevelopment inhibited property exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly 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

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2015-S6460 (ACTIVE) - Details

See Assembly Version of this Bill:
A9226
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง485-r, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3878, A4450
2019-2020: S4662

2015-S6460 (ACTIVE) - Summary

Relates to authorizing a residential redevelopment inhibited property exemption; authorizes any city, town or village to, by local law, provide for a real property tax exemption for residential redevelopment inhibited property.

2015-S6460 (ACTIVE) - Sponsor Memo

2015-S6460 (ACTIVE) - Bill Text download pdf

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

                                  6460

                            I N  S E N A T E

                            January 13, 2016
                               ___________

Introduced by Sens. RANZENHOFER, SEWARD -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Local Govern-
  ment

AN  ACT to amend the real property tax law, in relation to authorizing a
  residential redevelopment inhibited property exemption

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  485-r  of the real property tax law, as added by
chapter 406 of the laws of 2015, is amended to read as follows:
  S 485-r.  Residential  redevelopment  inhibited  property  exemption[;
certain  cities].  1. As used in this section, the following terms shall
have the following meanings:
  (a) "Redevelopment inhibited property" shall mean a residential  prop-
erty  that has been neglected or abandoned because of the local economic
conditions and/or conditions on the property that inhibit such  property
from  being  redeveloped  by the private sector. Redevelopment inhibited
property shall not include land that is undeveloped.
  (b) "Gap financing costs" shall mean the total cost of the  property's
redevelopment  as approved by the [city] MUNICIPALITY minus the increase
in the full valuation of the property upon completion of the  redevelop-
ment.
  (c) "Base assessment" shall mean the assessed value of the property on
the day the [city] MUNICIPALITY designates the property as redevelopment
inhibited.
  (d)  "Increased assessment" shall mean the assessed value of the prop-
erty as determined by the assessor upon completion of the redevelopment.
  (e) "Incremental increase in annual property  taxes"  shall  mean  the
taxes  based  on  the  increased assessment minus the taxes based on the
base assessment.
  (f) ["City" shall mean cities with  a  population  of  not  less  than
fifteen  thousand  two  hundred fifty and not more than fifteen thousand
five hundred as determined by the federal decennial census for the  year
two thousand ten.] "MUNICIPALITY" MEANS ANY CITY, TOWN OR VILLAGE.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13132-01-5
              

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