NY State Senate Bill 2017-S8526A

Archive: Last Bill Status - In Senate Committee Rules 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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Actions

View Actions

Date of Action	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 20, 2018	committed to rules
May 31, 2018	advanced to third reading
May 30, 2018	2nd report cal.
May 22, 2018	1st report cal.1309
May 18, 2018	print number 8526a
May 18, 2018	amend and recommit to housing, construction and community development
May 11, 2018	committee discharged and committed to housing, construction and community development
May 09, 2018	referred to local government

Votes

- May 22, 2018 - Housing, Construction And Community Development Committee Vote
  S8526A
  
  Aye
  
  7
  
  Nay
  
  0
  
  Aye with Reservations
  
  2
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  
  0
  - - Housing, Construction And Community Development Committee Vote: May 22, 2018
      
      aye (7)
      
      Avella
      
      Bailey
      
      Boyle
      
      Brooks
      
      Gallivan
      
      Little
      
      Young
      
      aye wr (2)
      
      Bonacic
      
      Krueger

Bill Amendments

Original

A (Active)

2017-S8526 - Details

Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S3469
2021-2022: S6326

2017-S8526 - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

2017-S8526 - Sponsor Memo

                                
 
BILL NUMBER: S8526

SPONSOR: LITTLE
 
TITLE OF BILL:  An act to amend the real property tax law, in relation
to tax exemptions for community land trusts and income-restricted
homeownership properties

 
PURPOSE:

This bill amends the real property tax law to require that certain real
property owned by a Community Land Trust, which operates in accordance
with Section 213 of the Housing and Community Development Act of 1992
and is organized as a housing development fund company pursuant to Arti-
cle XI of the Private Housing Finance Law and Section 402 of the Not-
for-Profit Corporation Law, which must be operated in furtherance of
persons and families of low income as defined by Section 2(19) of the
Private Housing Finance Law, receive both a full and partial tax
exemption on the land and the improvements thereon.

This bill also amends real property tax law to require a partial real
property tax exemption for certain income-restricted homeownership prop-
erty that is subject to the terms of a regulatory agreement with a

supervising agency, which shall be the New York City Department of Hous-
ing Preservation and Development for New York City and the Division of
Housing and Community Renewal for all other community land trusts
outside of New York City, or is located on any community land trust
formed pursuant to Section 402 of the Not-for-Profit Corporation Law and
which is located in a city or municipality with a population of less
than one million without a regulatory agreement with a supervising agen-
cy, which property taxes shall be, other than assessments for local
improvements, paid on the income-restricted homeownership property, both
land and improvements, to the extent such land is not otherwise subject
to an exemption, in an amount not to exceed either twenty percent of the
carrying charges of such income-restricted homeownership property, or
the maximum resale price of the single or two-family home or multiple
dwelling, as required by either a regulatory agreement with the super-
vising agency or in the absence thereof, pursuant to the restrictions
set forth in the ground lease between the community land trust and the
owner of such single or two-family home or multiple dwelling. The legis-
lation also authorizes the supervising agency to promulgate suitable
rules and regulations to carry out the subsection.

 
SUMMARY OF PROVISIONS:

This bill adds a new subsection 420-8(16) to the Real Property Tax Law
to permit land that is owned by a Community Land Trust to qualify for a
real property tax exemption. It further adds a new subsection 422(3) to
the Real Property Tax Law to require a partial real property tax
exemption for certain income-restricted homeownership property, includ-
ing improvements that are erected on a Community Land Trust, for
purposes of determining property taxes. The purpose of both new sections
of law are to ensure that income-restricted homeownership property,
including improvements that are erected on land which is owned by a
Community Land Trust, are not property tax burdened in a way that could
impact the affordability of such permanently affordable homeownership
housing. This bill shall provide property tax relief to a Community Land
Trust and owners of improvements thereon, as well as certain qualifying
owners of income-restricted homeownership property that is subject to
permanent affordability restrictions due to supervising agency program
requirements, such as inclusionary housing programs, or is located on
any community land trust formed pursuant to Section 402 of the Not-for-
Profit Corporation Law and which is located in a city or municipality
with a population of less than one million without a regulatory agree-
ment with a supervising agency.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to all assessment
rolls published after the date this act shall have become a law.

2017-S8526 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8526
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- 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 tax exemptions
   for community land trusts and income-restricted homeownership  proper-
   ties
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 420-a of the real property tax law  is  amended  by
 adding a new subdivision 15 to read as follows:
   15.  REAL  PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND COMPANY FORMED
 PURSUANT TO ARTICLE ELEVEN  OF  THE  PRIVATE  HOUSING  FINANCE  LAW  AND
 SECTION  FOUR  HUNDRED  TWO  OF THE NOT-FOR-PROFIT CORPORATION LAW WHICH
 OPERATES AS A COMMUNITY LAND TRUST AS DEFINED  IN  SECTION  TWO  HUNDRED
 THIRTEEN  OF  THE  HOUSING  AND  COMMUNITY  DEVELOPMENT  ACT OF NINETEEN
 HUNDRED NINETY-TWO, EXCLUSIVELY FOR THE BENEFIT OF PERSONS  OR  FAMILIES
 OF  LOW  INCOME  AS  DEFINED IN SUBDIVISION TEN OF SECTION TWELVE OF THE
 PRIVATE HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS  OWNED
 BY  THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT FROM
 SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED
 IN SECTION FOUR HUNDRED NINETY OF THIS CHAPTER. THE  SUPERVISING  AGENCY
 OF  THE  COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL CERTIFICATION FROM
 THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY
 FOR THE BENEFIT OF PERSONS OR FAMILIES OF LOW  INCOME.  THE  SUPERVISING
 AGENCY  MAY  REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO A REGULATORY
 AGREEMENT, WHICH SHALL BE CO-TERMINUS WITH ANY GROUND LEASE  GRANTED  BY
 THE  COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS THERE-
 ON. NOTWITHSTANDING THE  FOREGOING,  ANY  COMMUNITY  LAND  TRUST  FORMED
 PURSUANT  TO  SECTION FOUR HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION
 LAW AND WHICH IS LOCATED IN A CITY WITH A POPULATION OF  LESS  THAN  ONE
 MILLION SHALL ALSO BE ELIGIBLE FOR BENEFITS UNDER THIS SUBDIVISION.
   §  2.  Section 422 of the real property tax law is amended by adding a
 new subdivision 3 to read as follows:
   3. EXEMPTION OF INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY,  INCOME-RES-
 TRICTED HOMEOWNERSHIP PROPERTY, INCLUDING BUT NOT LIMITED TO A SINGLE OR
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD14069-01-7

 S. 8526                             2

 TWO-FAMILY  HOME  OR  MULTIPLE  DWELLING, WHICH IS OWNED BY AND OPERATED
 EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR  FAMILIES  OF  LOW  INCOME  AS
 DEFINED  IN  SUBDIVISION  TEN  OF  SECTION TWELVE OF THE PRIVATE HOUSING
 FINANCE LAW AND IS SUBJECT TO THE TERMS OF A REGULATORY AGREEMENT WITH A
 SUPERVISING  AGENCY,  WHICH  SHALL BE THE CITY OF NEW YORK ACTING BY AND
 THROUGH THE DEPARTMENT OF HOUSING PRESERVATION  AND  DEVELOPMENT  FOR  A
 COMMUNITY  LAND  TRUST  LOCATED IN THE CITY OF NEW YORK, OR THE NEW YORK
 STATE DIVISION OF HOUSING AND COMMUNITY RENEWAL FOR ANY  COMMUNITY  LAND
 TRUST  LOCATED  OUTSIDE  OF THE CITY OF NEW YORK, FOR A TERM OF AT LEAST
 THIRTY YEARS, OR IS LOCATED ON ANY COMMUNITY LAND TRUST FORMED  PURSUANT
 TO  SECTION  FOUR  HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION LAW AND
 WHICH IS LOCATED IN A CITY OR MUNICIPALITY WITH  A  POPULATION  OF  LESS
 THAN ONE MILLION WITHOUT A REGULATORY AGREEMENT WITH A SUPERVISING AGEN-
 CY,  WHICH  IS NOT OTHERWISE FULLY EXEMPT FROM TAXATION, SHALL BE EXEMPT
 FROM TAXATION AND EXEMPT FROM SPECIAL  AD  VALOREM  LEVIES  AND  SPECIAL
 ASSESSMENTS  TO  THE  EXTENT  PROVIDED IN SECTION FOUR HUNDRED NINETY OF
 THIS ARTICLE, PROVIDED THAT A PORTION OF  THE  ASSESSED  VALUE  OF  SUCH
 PROPERTY  SHALL  BE TAXABLE IN AN AMOUNT THAT WILL YIELD A TOTAL TAX FOR
 ALL PURPOSES AT THE TAX RATES IN EFFECT ON THE TAXABLE  STATUS  DATE  OF
 THE  ASSESSMENT  ROLL  OR  ROLLS ON WHICH SUCH PROPERTY IS ASSESSED THAT
 SHALL NOT EXCEED EITHER: (A) TWENTY PER CENTUM OF THE  CARRYING  CHARGES
 OF  SUCH  INCOME-RESTRICTED  HOMEOWNERSHIP  PROPERTY; OR (B) THE MAXIMUM
 RESALE PRICE OF THE SINGLE OR TWO-FAMILY HOME OR MULTIPLE  DWELLING,  AS
 REQUIRED BY EITHER A REGULATORY AGREEMENT WITH THE SUPERVISING AGENCY OR
 PURSUANT  TO  THE  RESTRICTIONS  SET FORTH IN THE GROUND LEASE BETWEEN A
 COMMUNITY LAND TRUST AND THE OWNER OF SUCH SINGLE OR TWO-FAMILY HOME  OR
 MULTIPLE DWELLING. THE TAXABLE ASSESSED VALUE OF ANY SINGLE OR TWO-FAMI-
 LY  HOME OR MULTIPLE DWELLING WHICH IS SUBJECT TO TO TAX RATE BASED UPON
 TWENTY PER CENTUM OF THE  CARRYING  CHARGES  IF  SUCH  INCOME-RESTRICTED
 HOMEOWNERSHIP PROPERTY SHALL BE REASSESSED UPON TRANSFER OR SALE OF SUCH
 INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY.  IN THE EVENT SUCH INCOME-RES-
 TRICTED  HOMEOWNERSHIP  PROPERTY IS NOT TRANSFERRED OR SOLD FOR A PERIOD
 OF TEN YEARS OR MORE, THE ASSESSOR IS HEREBY AUTHORIZED  TO  REVALUE  OR
 UPDATE  THE ASSESSMENT OF SUCH INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY.
 IF THE TOTAL  ASSESSED  VALUE  OF  THE  REAL  PROPERTY  FOR  WHICH  SUCH
 EXEMPTION  HAS  BEEN  GRANTED INCREASES OR DECREASES BY MORE THAN TWENTY
 PERCENT AS THE RESULT OF A REVALUATION  OR  UPDATE  OF  ASSESSMENTS  THE
 ASSESSOR  SHALL  INCREASE OR DECREASE THE AMOUNT OF THE TAXABLE ASSESSED
 VALUE ON THE ROLL FIRST REFLECTING SUCH CHANGE IN LEVEL  OR  REVALUATION
 BY  MULTIPLYING  THE AMOUNT OF SUCH TAXABLE ASSESSED VALUE BY THE CHANGE
 IN LEVEL OF ASSESSMENT FACTOR. IF THE  CHANGE  IN  LEVEL  OF  ASSESSMENT
 FACTOR IS DETERMINED AFTER THE VERIFICATION AND FILING OF THE ASSESSMENT
 ROLL,  THE  ASSESSOR SHALL CERTIFY THE AMOUNT OF EXEMPTION AS RECOMPUTED
 PURSUANT TO THIS PARAGRAPH TO THE  LOCAL  OFFICERS  HAVING  CUSTODY  AND
 CONTROL  OF  THE  ROLL,  AND SUCH LOCAL OFFICERS ARE HEREBY DIRECTED AND
 AUTHORIZED TO ENTER THE RECOMPUTED EXEMPTION CERTIFIED BY  THE  ASSESSOR
 ON  THE  ROLL. ON THE ASSESSMENT ROLL NEXT FOLLOWING SUCH REVALUATION OR
 UPDATE THE TAXABLE ASSESSED VALUATION SHALL BE COMPUTED BASED ON THE TAX
 RATES IN EFFECT ON THE TAXABLE STATUS DATE AS HEREINABOVE PROVIDED.  THE
 DIVISION OF HOUSING AND COMMUNITY RENEWAL SHALL BE AUTHORIZED TO PROMUL-
 GATE  SUITABLE RULES AND REGULATIONS TO CARRY OUT THE PROVISIONS OF THIS
 SUBSECTION.
   § 3. This act shall take effect immediately and  shall  apply  to  all
 assessment  rolls  published after the date this act shall have become a
 law.

2017-S8526A (ACTIVE) - Details

Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Amd §§420-a & 422, RPT L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S3469
2021-2022: S6326

2017-S8526A (ACTIVE) - Summary

Relates to tax exemptions for community land trusts and income-restricted homeownership property.

2017-S8526A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8526A

SPONSOR: LITTLE
 
PURPOSE:

This bill amends the real property tax law to require that certain real
property owned by a Community Land Trust, which operates in accordance
with Section 213 of the Housing and Community Development Act of 1992
and is organized as a housing development fund company pursuant to Arti-
cle XI of the Private Housing Finance Law and Section 402 of the Not-
for-Profit Corporation Law, which must be operated in furtherance of
persons and families of low income as defined by Section 2(19) of the
Private Housing Finance Law, receive both a full and partial tax
exemption on the land and the improvements thereon.

This bill also amends real property tax law to require a partial real
property tax exemption for certain income-restricted homeownership prop-
erty that is subject to the terms of a regulatory agreement with a
supervising agency, which shall be the New York City Department of Hous-
ing Preservation and Development for New York City and the Division of
Housing and Community Renewal for all other community land trusts
outside of New York City, or is located on any community land trust
formed pursuant to Section 402 of the Not-for-Profit Corporation Law and

which is located in a city or municipality with a population of less
than one million without a regulatory agreement with a supervising agen-
cy, which property taxes shall be, other than assessments for local
improvements, paid on the income-restricted homeownership property, both
land and improvements, to the extent such land is not otherwise subject
to an exemption, in an amount not to exceed either twenty percent of the
carrying charges of such income-restricted homeownership property, or
the maximum resale price of the single or two-family home or multiple
dwelling, as required by either a regulatory agreement with the super-
vising agency or in the absence thereof, pursuant to the restrictions
set forth in the ground lease between the community land trust and the
owner of such single or two-family home or multiple dwelling. The legis-
lation also authorizes the supervising agency to promulgate suitable
rules and regulations to carry out the subsection.

 
SUMMARY OF PROVISIONS:

This bill adds a new subsection 420-8(16) to the Real Property Tax Law
to permit land that is owned by a Community Land Trust to qualify for a
real property tax exemption. It further adds a new subsection 422(3) to
the Real Property Tax Law to require a partial real property tax
exemption for certain income-restricted homeownership property, includ-
ing improvements that are erected on a Community Land Trust, for
purposes of determining property taxes. The purpose of both new sections
of law are to ensure that income-restricted homeownership property,
including improvements that are erected on land which is owned by a
Community Land Trust, are not property tax burdened in a way that could
impact the affordability of such permanently affordable homeownership
housing. This bill shall provide property tax relief to a Community Land
Trust and owners of improvements thereon, as well as certain qualifying
owners of income-restricted homeownership property that is subject to
permanent affordability restrictions due to supervising agency program
requirements, such as inclusionary housing programs, or is located on
any community land trust formed pursuant to Section 402 of the Not-for-
Profit Corporation Law and which is located in a city or municipality

with a population of less than one million without a regulatory agree-
ment with a supervising agency.

 
LEGISLATIVE HISTORY:

New Bill.

 
FISCAL IMPLICATIONS:

None to the State.

 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to all assessment
rolls published after the date this act shall have become a law.

2017-S8526A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8526--A
 
                             I N  S E N A T E
 
                                May 9, 2018
                                ___________
 
 Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   committee discharged and said bill committed to the Committee on Hous-
   ing,  Construction  and Community Development -- 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 tax exemptions
   for  community land trusts and income-restricted homeownership proper-
   ties
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  420-a of the real property tax law is amended by
 adding a new subdivision 15 to read as follows:
   15. REAL PROPERTY OWNED BY A HOUSING DEVELOPMENT FUND  COMPANY  FORMED
 PURSUANT  TO  ARTICLE  ELEVEN  OF  THE  PRIVATE  HOUSING FINANCE LAW AND
 SECTION FOUR HUNDRED TWO OF THE  NOT-FOR-PROFIT  CORPORATION  LAW  WHICH
 OPERATES  AS  A  COMMUNITY  LAND TRUST AS DEFINED IN SECTION TWO HUNDRED
 THIRTEEN OF THE  HOUSING  AND  COMMUNITY  DEVELOPMENT  ACT  OF  NINETEEN
 HUNDRED  NINETY-TWO,  EXCLUSIVELY FOR THE BENEFIT OF PERSONS OR FAMILIES
 OF LOW INCOME AS DEFINED IN SUBDIVISION TEN OF  SECTION  TWELVE  OF  THE
 PRIVATE  HOUSING FINANCE LAW, AND SEPARATELY ASSESSED IMPROVEMENTS OWNED
 BY THE RESIDENTS THEREOF, SHALL BE EXEMPT FROM TAXATION AND EXEMPT  FROM
 SPECIAL AD VALOREM LEVIES AND SPECIAL ASSESSMENTS TO THE EXTENT PROVIDED
 IN  SECTION  FOUR HUNDRED NINETY OF THIS ARTICLE. THE SUPERVISING AGENCY
 OF THE COMMUNITY LAND TRUST SHALL REQUIRE AN ANNUAL  CERTIFICATION  FROM
 THE COMMUNITY LAND TRUST THAT THE REAL PROPERTY LAND IS USED EXCLUSIVELY
 FOR  THE  BENEFIT  OF PERSONS OR FAMILIES OF LOW INCOME. THE SUPERVISING
 AGENCY MAY REQUIRE THE COMMUNITY LAND TRUST TO ENTER INTO  A  REGULATORY
 AGREEMENT,  WHICH  SHALL BE CO-TERMINUS WITH ANY GROUND LEASE GRANTED BY
 THE COMMUNITY LAND TRUST TO ANY QUALIFYING OWNER OF IMPROVEMENTS  THERE-
 ON.  NOTWITHSTANDING  THE  FOREGOING,  ANY  COMMUNITY  LAND TRUST FORMED
 PURSUANT TO SECTION FOUR HUNDRED TWO OF THE  NOT-FOR-PROFIT  CORPORATION
 LAW  AND WHICH IS LOCATED IN A CITY OR MUNICIPALITY WITH A POPULATION OF
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD14069-02-8

 S. 8526--A                          2
 
 LESS THAN ONE MILLION SHALL ALSO BE ELIGIBLE  FOR  BENEFITS  UNDER  THIS
 SUBDIVISION.
   §  2.  Section 422 of the real property tax law is amended by adding a
 new subdivision 3 to read as follows:
   3. EXEMPTION OF INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY.  INCOME-RES-
 TRICTED HOMEOWNERSHIP PROPERTY, INCLUDING BUT NOT LIMITED TO A SINGLE OR
 TWO-FAMILY HOME OR MULTIPLE DWELLING, WHICH IS  OWNED  BY  AND  OPERATED
 EXCLUSIVELY  FOR  THE  BENEFIT  OF  PERSONS OR FAMILIES OF LOW INCOME AS
 DEFINED IN SUBDIVISION TEN OF SECTION  TWELVE  OF  THE  PRIVATE  HOUSING
 FINANCE LAW AND IS SUBJECT TO THE TERMS OF A REGULATORY AGREEMENT WITH A
 SUPERVISING  AGENCY,  WHICH  SHALL BE THE CITY OF NEW YORK ACTING BY AND
 THROUGH THE DEPARTMENT OF HOUSING PRESERVATION  AND  DEVELOPMENT  FOR  A
 COMMUNITY  LAND  TRUST  LOCATED IN THE CITY OF NEW YORK, OR THE NEW YORK
 STATE DIVISION OF HOUSING AND COMMUNITY RENEWAL FOR ANY  COMMUNITY  LAND
 TRUST  LOCATED  OUTSIDE  OF THE CITY OF NEW YORK, FOR A TERM OF AT LEAST
 THIRTY YEARS, OR IS LOCATED ON ANY COMMUNITY LAND TRUST FORMED  PURSUANT
 TO  SECTION  FOUR  HUNDRED TWO OF THE NOT-FOR-PROFIT CORPORATION LAW AND
 WHICH IS LOCATED IN A CITY OR MUNICIPALITY WITH  A  POPULATION  OF  LESS
 THAN ONE MILLION WITHOUT A REGULATORY AGREEMENT WITH A SUPERVISING AGEN-
 CY,  WHICH  IS NOT OTHERWISE FULLY EXEMPT FROM TAXATION, SHALL BE EXEMPT
 FROM TAXATION AND EXEMPT FROM SPECIAL  AD  VALOREM  LEVIES  AND  SPECIAL
 ASSESSMENTS  TO  THE  EXTENT  PROVIDED IN SECTION FOUR HUNDRED NINETY OF
 THIS ARTICLE, PROVIDED THAT A PORTION OF  THE  ASSESSED  VALUE  OF  SUCH
 PROPERTY  SHALL  BE TAXABLE IN AN AMOUNT THAT WILL YIELD A TOTAL TAX FOR
 ALL PURPOSES AT THE TAX RATES IN EFFECT ON THE TAXABLE  STATUS  DATE  OF
 THE  ASSESSMENT  ROLL  OR  ROLLS ON WHICH SUCH PROPERTY IS ASSESSED THAT
 SHALL NOT EXCEED EITHER: (A) TWENTY PER CENTUM OF THE  CARRYING  CHARGES
 OF  SUCH  INCOME-RESTRICTED  HOMEOWNERSHIP  PROPERTY; OR (B) THE MAXIMUM
 RESALE PRICE OF THE SINGLE OR TWO-FAMILY HOME OR MULTIPLE  DWELLING,  AS
 REQUIRED BY EITHER A REGULATORY AGREEMENT WITH THE SUPERVISING AGENCY OR
 PURSUANT  TO  THE  RESTRICTIONS  SET FORTH IN THE GROUND LEASE BETWEEN A
 COMMUNITY LAND TRUST AND THE OWNER OF SUCH SINGLE OR TWO-FAMILY HOME  OR
 MULTIPLE DWELLING. THE TAXABLE ASSESSED VALUE OF ANY SINGLE OR TWO-FAMI-
 LY HOME OR MULTIPLE DWELLING WHICH IS SUBJECT TO THE TAX RATE BASED UPON
 TWENTY  PER  CENTUM  OF  THE  CARRYING CHARGES IF SUCH INCOME-RESTRICTED
 HOMEOWNERSHIP PROPERTY SHALL BE REASSESSED UPON TRANSFER OR SALE OF SUCH
 INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY.  IN THE EVENT SUCH INCOME-RES-
 TRICTED HOMEOWNERSHIP PROPERTY IS NOT TRANSFERRED OR SOLD FOR  A  PERIOD
 OF  TEN  YEARS  OR MORE, THE ASSESSOR IS HEREBY AUTHORIZED TO REVALUE OR
 UPDATE THE ASSESSMENT OF SUCH INCOME-RESTRICTED HOMEOWNERSHIP  PROPERTY.
 IF  THE  TOTAL  ASSESSED  VALUE  OF  THE  REAL  PROPERTY  FOR WHICH SUCH
 EXEMPTION HAS BEEN GRANTED INCREASES OR DECREASES BY  MORE  THAN  TWENTY
 PERCENT  AS  THE  RESULT  OF  A REVALUATION OR UPDATE OF ASSESSMENTS THE
 ASSESSOR SHALL INCREASE OR DECREASE THE AMOUNT OF THE  TAXABLE  ASSESSED
 VALUE  ON  THE ROLL FIRST REFLECTING SUCH CHANGE IN LEVEL OR REVALUATION
 BY MULTIPLYING THE AMOUNT OF SUCH TAXABLE ASSESSED VALUE BY  THE  CHANGE
 IN  LEVEL  OF  ASSESSMENT  FACTOR.  IF THE CHANGE IN LEVEL OF ASSESSMENT
 FACTOR IS DETERMINED AFTER THE VERIFICATION AND FILING OF THE ASSESSMENT
 ROLL, THE ASSESSOR SHALL CERTIFY THE AMOUNT OF EXEMPTION  AS  RECOMPUTED
 PURSUANT  TO  THIS  SUBDIVISION TO THE LOCAL OFFICERS HAVING CUSTODY AND
 CONTROL OF THE ROLL, AND SUCH LOCAL OFFICERS  ARE  HEREBY  DIRECTED  AND
 AUTHORIZED  TO  ENTER THE RECOMPUTED EXEMPTION CERTIFIED BY THE ASSESSOR
 ON THE ROLL. ON THE ASSESSMENT ROLL NEXT FOLLOWING SUCH  REVALUATION  OR
 UPDATE THE TAXABLE ASSESSED VALUATION SHALL BE COMPUTED BASED ON THE TAX
 RATES  IN EFFECT ON THE TAXABLE STATUS DATE AS HEREINABOVE PROVIDED. THE
 DIVISION OF HOUSING AND COMMUNITY RENEWAL SHALL BE AUTHORIZED TO PROMUL-

 S. 8526--A                          3
 
 GATE SUITABLE RULES AND REGULATIONS TO CARRY OUT THE PROVISIONS OF  THIS
 SUBDIVISION.    NOTWITHSTANDING  THE PROVISIONS OF THIS SUBDIVISION, ANY
 LOCAL ASSESSOR THAT CURRENTLY EMPLOYS A METHOD  OF  PROPERTY  ASSESSMENT
 AND  TAXATION FOR ANY INCOME-RESTRICTED HOMEOWNERSHIP PROPERTY AS OF THE
 EFFECTIVE DATE OF THE CHAPTER OF THE LAWS OF TWO THOUSAND EIGHTEEN  THAT
 ADDED THIS SUBDIVISION THAT WOULD RESULT IN A LESSER TAX BURDEN FOR SUCH
 INCOME-RESTRICTED  HOMEOWNER  SHALL  BE AUTHORIZED TO CONTINUE TO EMPLOY
 SUCH METHOD AS IF FULLY AUTHORIZED BY THIS SUBDIVISION.
   § 3. This act shall take effect immediately and  shall  apply  to  all
 assessment  rolls  published after the date this act shall have become a
 law.

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Senate Bill S8526A

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Archive: Last Bill Status - In Senate Committee Rules Committee

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Votes

May 22, 2018 - Housing, Construction And Community Development Committee Vote

Housing, Construction And Community Development Committee Vote: May 22, 2018

Bill Amendments

2017-S8526 - Details

2017-S8526 - Summary

2017-S8526 - Sponsor Memo

2017-S8526 - Bill Text download pdf

2017-S8526A (ACTIVE) - Details

2017-S8526A (ACTIVE) - Summary

2017-S8526A (ACTIVE) - Sponsor Memo

2017-S8526A (ACTIVE) - Bill Text download pdf

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Archive: Last Bill Status - In Senate Committee Rules Committee

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2017-S8526 - Details

2017-S8526 - Summary

2017-S8526 - Sponsor Memo

2017-S8526 - Bill Text download pdf

2017-S8526A (ACTIVE) - Details

2017-S8526A (ACTIVE) - Summary

2017-S8526A (ACTIVE) - Sponsor Memo

2017-S8526A (ACTIVE) - Bill Text download pdf

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