Assembly Bill A2563

2019-2020 Legislative Session

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

download bill text pdf

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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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2019-A2563 (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:
2017-2018: A10375
2021-2022: A3121
2023-2024: A3889

2019-A2563 (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, 2020.

2019-A2563 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2563
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2019
                                ___________
 
 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] FOR EXEMPTIONS  GRANTED  PURSUANT  TO  THIS  SECTION  AND
 AUTHORIZED  BY A LOCAL LAW OR RESOLUTION ADOPTED PRIOR TO JANUARY FIRST,
 TWO THOUSAND TWENTY, SUCH exemption shall be limited to eighty  thousand
 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 TWENTY, SUCH EXEMPTION SHALL BE LIMIT-
 ED  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 IMPROVE-
 MENT 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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