S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8352
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               June 15, 2019
                                ___________
 
 Introduced  by  M.  of  A.  BRAUNSTEIN  -- 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
   average assessed value threshold and eligibility for J-51  tax  abate-
   ments
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1.  The opening paragraph of paragraph (a) of subdivision 1 of
 section 489 of the real property tax law, as amended by  section  19  of
 part A of chapter 20 of the laws of 2015, is amended to read as follows:
   Any  city  to  which  the  multiple dwelling law is applicable, acting
 through its local legislative body or other governing agency, is  hereby
 authorized  and  empowered, to and including January first, two thousand
 [nineteen] TWENTY-THREE, to adopt and amend  local  laws  or  ordinances
 providing that any increase in assessed valuation of real property shall
 be  exempt  from taxation for local purposes, as provided herein, to the
 extent such increase results from:
   § 2. The closing paragraph of  subparagraph  6  of  paragraph  (a)  of
 subdivision 1 of section 489 of the real property tax law, as amended by
 section  20  of  part A of chapter 20 of the laws of 2015, is amended to
 read as follows:
   Such conversion, alterations or improvements shall be completed within
 thirty months after the date on which same shall be started except  that
 such  thirty month limitation shall not apply to conversions of residen-
 tial units which are registered with the loft board in  accordance  with
 article  seven-C  of  the multiple dwelling law pursuant to subparagraph
 one of this paragraph. Notwithstanding  the  foregoing,  a  sixty  month
 period for completion shall be available for alterations or improvements
 undertaken  by  a housing development fund company organized pursuant to
 article eleven of the private housing finance law, which are carried out
 with the substantial assistance of grants, loans or subsidies  from  any

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD02925-08-9

 A. 8352                             2
 
 federal,  state or local governmental agency or instrumentality or which
 are carried out in a property transferred from such city if  alterations
 and  improvements  are  completed  within  seven years after the date of
 transfer.  In  addition, the local housing agency is hereby empowered to
 grant an extension of the period of completion for any  project  carried
 out  with  the substantial assistance of grants, loans or subsidies from
 any federal, state or local governmental agency or  instrumentality,  if
 such  alterations or improvements are completed within sixty months from
 commencement of construction. Provided, further, that  such  conversion,
 alterations  or  improvements  shall  in any event be completed prior to
 June thirtieth, two  thousand  [nineteen]  TWENTY-THREE.  Exemption  for
 conversions,  alterations  or improvements pursuant to subparagraph one,
 two, three or four of this paragraph shall continue for a period not  to
 exceed  fourteen  years and begin no sooner than the first quarterly tax
 bill immediately following the completion  of  such  conversion,  alter-
 ations or improvements. Exemption for alterations or improvements pursu-
 ant  to  this  subparagraph or subparagraph five of this paragraph shall
 continue for a period not to exceed thirty-four years and shall begin no
 sooner than the first  quarterly  tax  bill  immediately  following  the
 completion  of such alterations or improvements. Such exemption shall be
 equal to the increase in the valuation which is subject to exemption  in
 full  or  proportionally under this subdivision for ten or thirty years,
 whichever is applicable. After such period of time, the amount  of  such
 exempted  assessed  valuation  of  such improvements shall be reduced by
 twenty percent in each succeeding year until the assessed value  of  the
 improvements  are  fully taxable.   Provided, however, exemption for any
 conversion, alterations or improvements which are aided  by  a  loan  or
 grant  under  article eight, eight-A, eleven, twelve, fifteen or twenty-
 two of the private housing finance law, section six hundred ninety-six-a
 or section ninety-nine-h of the general municipal law, or section  three
 hundred  twelve  of  the  housing act of nineteen hundred sixty-four (42
 U.S.C.A. 1452b), or the Cranston-Gonzalez  national  affordable  housing
 act (42 U.S.C.A. 12701 et.  seq.), or started after July first, nineteen
 hundred  eighty-three  by  a  housing development fund company organized
 pursuant to article eleven of the private housing finance law which  are
 carried  out  with the substantial assistance of grants, loans or subsi-
 dies from any federal, state or local governmental agency or  instrumen-
 tality  or which are carried out in a property transferred from any city
 and where alterations and improvements are completed within seven  years
 after  the  date  of  transfer  may commence at the beginning of any tax
 quarter subsequent to the  start  of  such  conversion,  alterations  or
 improvements and prior to the completion of such conversion, alterations
 or improvements.
   §  3.  Subparagraph (ii) of paragraph (c) of subdivision 17 of section
 489 of the real property tax law, as added by chapter 388 of the laws of
 2016, is amended to read as follows:
   (ii) For the final assessment roll to be  completed  in  two  thousand
 seventeen  the  assessed  value  limitation shall be thirty-two thousand
 dollars increased by the cost-of-living  adjustment  percentage  of  two
 thousand  seventeen.    NOTWITHSTANDING  THE  FOREGOING,  FOR  THE FINAL
 ASSESSMENT ROLL TO BE COMPLETED IN THE YEAR TWO THOUSAND  NINETEEN,  THE
 ASSESSED VALUE LIMITATION SHALL BE FORTY THOUSAND DOLLARS. FOR THE FINAL
 ASSESSMENT  ROLL  TO  BE  COMPLETED IN THE YEAR TWO THOUSAND TWENTY, THE
 ASSESSED VALUE LIMITATION SHALL BE FORTY THOUSAND DOLLARS, INCREASED  BY
 THE COST-OF-LIVING ADJUSTMENT PERCENTAGE OF TWO THOUSAND TWENTY. For the
 purposes  of  this computation, the cost-of-living adjustment percentage

 A. 8352                             3
 
 of two thousand seventeen shall be equal  to  the  "applicable  increase
 percentage" used by the United States commissioner of social security to
 determine  the  monthly social security benefits payable in two thousand
 seventeen  to individuals, as provided by subsection (i) of section four
 hundred fifteen of title forty-two of the United States code.
   § 4. This act shall take effect immediately.