assembly Bill A384

2019-2020 Legislative Session

Relates to allowing certain villages to enact a tax exemption for newly developed single-family and multi-family residential properties

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Archive: Last Bill Status - In Assembly 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 (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to real property taxation
Jan 09, 2019 referred to real property taxation

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A384 (ACTIVE) - Details

Law Section:
Real Property Tax Law
Laws Affected:
Add §485-u, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10307
2021-2022: A5987

A384 (ACTIVE) - Summary

Allows certain villages to enact a tax exemption for newly developed single-family and multi-family residential properties over the first five years the property is reassessed based on the difference in assessments.

A384 (ACTIVE) - Bill Text download pdf


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

                                   384

                       2019-2020 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2019
                               ___________

Introduced by M. of A. STIRPE -- read once and referred to the Committee
  on Real Property Taxation

AN  ACT  to  amend  the  real  property tax law, in relation to allowing
  certain villages to  enact  a  tax  exemption  for  newly  constructed
  single-family  and  multi-family residential properties; and providing
  for the repeal of such provisions upon expiration thereof

  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-u to read as follows:
  § 485-U. NEWLY CONSTRUCTED SINGLE-FAMILY AND MULTI-FAMILY  RESIDENTIAL
EXEMPTION;  CERTAIN VILLAGES. 1. SINGLE-FAMILY AND MULTI-FAMILY RESIDEN-
TIAL PROPERTIES CONSTRUCTED SUBSEQUENT TO THE EFFECTIVE DATE OF A  LOCAL
LAW  ADOPTED PURSUANT TO THIS SECTION SHALL BE EXEMPT FROM VILLAGE TAXES
TO THE EXTENT PROVIDED IN THIS SECTION.  AFTER  A  PUBLIC  HEARING,  THE
GOVERNING  BOARD OF A VILLAGE WITH A POPULATION GREATER THAN THREE THOU-
SAND FOUR HUNDRED FORTY AND LESS THAN THREE THOUSAND FOUR HUNDRED FIFTY,
BASED UPON THE TWO THOUSAND  TEN  FEDERAL  CENSUS  MAY,  BY  LOCAL  LAW,
PROVIDE  FOR THE EXEMPTION OF REAL PROPERTY FROM TAXATION AS PROVIDED IN
THIS SECTION. A COPY OF SUCH LOCAL LAW SHALL BE FILED WITH  THE  COMMIS-
SIONER AND THE ASSESSOR OF SUCH MUNICIPALITY WHO PREPARES THE ASSESSMENT
ROLL ON WHICH THE TAXES OF SUCH MUNICIPALITY ARE LEVIED.
  2.  (A)(I)  ELIGIBLE  NEWLY CONSTRUCTED SINGLE-FAMILY AND MULTI-FAMILY
RESIDENTIAL PROPERTY SHALL BE EXEMPT ACCORDING TO THE  FOLLOWING  SCHED-
ULE:
    CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY

                    YEAR OF EXEMPTION   EXEMPTION
                          1                25%
                          2                20%

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets