senate Bill S7015A

2015-2016 Legislative Session

Relates to residential investment exemptions

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee


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

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Actions

view actions (3)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 23, 2016 print number 7015a
May 23, 2016 amend and recommit to local government
Mar 16, 2016 referred to local government

S7015 - Details

See Assembly Version of this Bill:
A9587
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-s, RPT L

S7015 - 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.

S7015 - Sponsor Memo

S7015 - Bill Text download pdf

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

                                  7015

                            I N  S E N A T E

                             March 16, 2016
                               ___________

Introduced by Sen. PANEPINTO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

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.

S7015A (ACTIVE) - Details

See Assembly Version of this Bill:
A9587
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-s, RPT L

S7015A (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.

S7015A (ACTIVE) - Sponsor Memo

S7015A (ACTIVE) - Bill Text download pdf

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

                                 7015--A

                            I N  S E N A T E

                             March 16, 2016
                               ___________

Introduced by Sen. PANEPINTO -- read twice and ordered printed, and when
  printed  to  be  committed  to  the  Committee  on Local Government --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

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.

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