S T A T E O F N E W Y O R K
________________________________________________________________________
6487
2021-2022 Regular Sessions
I N S E N A T E
May 3, 2021
___________
Introduced by Sen. STAVISKY -- 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 extending
certain time periods relating to exemption from taxation of alter-
ations and improvements to multiple dwellings to eliminate fire and
health hazards
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 1 of
item RRR of subpart B of part XXX of chapter 58 of the laws of 2020, 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
[twenty-one] TWENTY-TWO, 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 2 of item RRR of subpart B of part XXX of chapter 58 of the laws
of 2020, 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
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10959-01-1
S. 6487 2
article eleven of the private housing finance law, which are carried out
with the substantial assistance of grants, loans or subsidies from any
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 [twenty-one] TWENTY-TWO. 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. This act shall take effect immediately.
