S T A T E O F N E W Y O R K
________________________________________________________________________
7097
2021-2022 Regular Sessions
I N A S S E M B L Y
April 22, 2021
___________
Introduced by M. of A. GALEF -- read once and referred to the Committee
on Real Property Taxation
AN ACT to amend the real property tax law, in relation to exemption of
capital improvements to residential 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 section 3 of
part WW of chapter 55 of the laws of 2021, is amended to read as
follows:
(iii) Except in a special assessing unit that is not a city, such
exemption shall be limited to [eighty] ONE HUNDRED FORTY-FIVE thousand
dollars in increased market value, or such other sum less than [eighty]
ONE HUNDRED FORTY-FIVE thousand dollars, but not less than five thousand
dollars as may be provided by the local law or resolution, of the prop-
erty 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. In a special
assessing unit that is not a city, the exemption shall be limited to
seven hundred fifty thousand dollars in increased market value. For the
purposes of this section, the market value of the reconstruction, alter-
ation or improvement, or new construction as authorized by subdivision
one-a of this section, shall be equal to the increased assessed value
attributable to such reconstruction, alteration, improvement or new
construction divided by the class one 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 nine-
ty-five percent, in which case the increase in assessed value attribut-
able to such reconstruction, alteration, improvement or new construction
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10935-02-1
A. 7097 2
shall be deemed to equal the market value of such reconstruction, alter-
ation or improvement.
§ 2. 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] ONE HUNDRED FORTY-
FIVE thousand dollars in increased market value, or such other sum less
than [eighty] ONE HUNDRED FORTY-FIVE 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
special equalization rate equals or exceeds ninety-five percent, in
which case the increase in assessed value attributable to such recon-
struction, alteration or improvement shall be deemed to equal the market
value of such reconstruction, alteration or improvement.
§ 3. This act shall take effect immediately; provided that the amend-
ments to subparagraph (iii) of paragraph (a) of subdivision 2 of
section 421-f of the real property tax law made by section one of this
act shall be subject to the expiration and reversion of such subdivision
when upon such date the provisions of section two of this act shall take
effect.