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Assembly Bill A10375A

2017-2018 Legislative Session

Increases the amount of the exemption permitted for capital improvements to residential buildings

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2017-A10375 - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-f, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2563
2021-2022: A3121
2023-2024: A3889

2017-A10375 - Summary

Increases the amount of the exemption permitted for capital improvements to residential buildings from $80,000 to $200,000 where a local law or resolution is adopted on or after January 1, 2019.

2017-A10375 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10375
 
                           I N  A S S E M B L Y
 
                              April 18, 2018
                                ___________
 
 Introduced  by  M. of A. FAHY -- read once and referred to the Committee
   on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to increasing the
   amount of the exemption permitted for capital improvements to residen-
   tial buildings
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  Subparagraph  (iii)  of paragraph (a) of subdivision 2 of
 section 421-f of the real property tax law, as amended by chapter 590 of
 the laws of 1994, is amended to read as follows:
   (iii) Such exemption shall be limited to [eighty] TWO HUNDRED thousand
 dollars in increased market value, or such other sum less than  [eighty]
 TWO HUNDRED thousand dollars, but not less than five thousand dollars as
 may  be provided by the local law or resolution, of the property attrib-
 utable  to  such  reconstruction,  alteration  or  improvement  and  any
 increase  in market value greater than such amount shall not be eligible
 for the exemption pursuant to this section. For  the  purposes  of  this
 section,  the market value of the reconstruction, alteration or improve-
 ment shall be equal to the increased assessed value attributable to such
 reconstruction, alteration or improvement divided by the class  I  ratio
 in  a  special  assessing  unit  or  the most recently established state
 equalization rate or special equalization rate in the remainder  of  the
 state,  except where the state equalization rate or special equalization
 rate equals or exceeds ninety-five percent, in which case  the  increase
 in  assessed  value  attributable  to such reconstruction, alteration or
 improvement shall be deemed to equal the market  value  of  such  recon-
 struction, alteration or improvement.
   §  2.  The  exemption of capital improvements to residential buildings
 authorized pursuant to section 421-f of the real property tax law and as
 amended by section one of this act, shall  not  be  granted  for  recon-
 struction,  alterations  or  improvements  unless  such  reconstruction,
 alteration or improvement was commenced subsequent to the effective date
 of the adopted or amended local law or resolution, as required  by  such
 section.
   § 3. This act shall take effect immediately.

2017-A10375A (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-f, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: A2563
2021-2022: A3121
2023-2024: A3889

2017-A10375A (ACTIVE) - Summary

Increases the amount of the exemption permitted for capital improvements to residential buildings from $80,000 to $200,000 where a local law or resolution is adopted on or after January 1, 2019.

2017-A10375A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                 10375--A
 
                           I N  A S S E M B L Y
 
                              April 18, 2018
                                ___________
 
 Introduced  by  M. of A. FAHY -- read once and referred to the Committee
   on Real Property  Taxation  --  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 increasing the
   amount of the exemption permitted for capital improvements to residen-
   tial buildings

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (iii) of paragraph (a)  of  subdivision  2  of
 section 421-f of the real property tax law, as amended by chapter 590 of
 the laws of 1994, is amended to read as follows:
   (iii)  [Such]  FOR  EXEMPTIONS  GRANTED  PURSUANT  TO THIS SECTION AND
 AUTHORIZED BY A LOCAL LAW OR RESOLUTION ADOPTED PRIOR TO JANUARY  FIRST,
 TWO  THOUSAND  NINETEEN, SUCH exemption shall be limited to eighty thou-
 sand dollars in increased market value, or  such  other  sum  less  than
 eighty  thousand dollars, but not less than five thousand dollars as may
 be provided by the local law or resolution, of the property attributable
 to such reconstruction, alteration or improvement and  any  increase  in
 market  value  greater  than  such  amount shall not be eligible for the
 exemption pursuant to this section.  FOR EXEMPTIONS GRANTED PURSUANT  TO
 THIS  SECTION  AND AUTHORIZED BY A LOCAL LAW OR RESOLUTION ADOPTED ON OR
 AFTER JANUARY FIRST, TWO THOUSAND  NINETEEN,  SUCH  EXEMPTION  SHALL  BE
 LIMITED  TO  TWO  HUNDRED THOUSAND DOLLARS IN INCREASED MARKET VALUE, OR
 SUCH OTHER SUM LESS THAN TWO HUNDRED THOUSAND DOLLARS, BUT NOT LESS THAN
 FIVE THOUSAND DOLLARS AS MAY BE PROVIDED BY THE LOCAL LAW OR RESOLUTION,
 OF THE PROPERTY  ATTRIBUTABLE  TO  SUCH  RECONSTRUCTION,  ALTERATION  OR
 IMPROVEMENT  AND  ANY  INCREASE IN MARKET VALUE GREATER THAN SUCH AMOUNT
 SHALL NOT BE ELIGIBLE FOR THE EXEMPTION PURSUANT TO  THIS  SECTION.  For
 the  purposes  of  this section, the market value of the reconstruction,
 alteration or improvement shall be equal to the increased assessed value
 attributable to such reconstruction, alteration or  improvement  divided
 by  the  class  I ratio in a special assessing unit or the most recently
 established state equalization rate or special equalization rate in  the
 remainder  of  the  state,  except  where the state equalization rate or
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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