Senate Bill S8268B

Signed By Governor
2021-2022 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 Via A5987 - Signed by Governor


  • 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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Bill Amendments

2021-S8268 - Details

See Assembly Version of this Bill:
A5987
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-w, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10307
2019-2020: A384

2021-S8268 - Summary

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

2021-S8268 - Sponsor Memo

2021-S8268 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8268
 
                             I N  S E N A T E
 
                             February 8, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- 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  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-w to read as follows:
   § 485-W. 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  SIX  HUNDRED FIFTY AND LESS THAN THREE THOUSAND SIX HUNDRED SIXTY,
 BASED UPON THE TWO THOUSAND TWENTY 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%
                           3                15%
                           4                10%
                           5                 5%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07225-03-2
              

2021-S8268A - Details

See Assembly Version of this Bill:
A5987
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-w, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10307
2019-2020: A384

2021-S8268A - Summary

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

2021-S8268A - Sponsor Memo

2021-S8268A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8268--A
 
                             I N  S E N A T E
 
                             February 8, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee
 
 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-w to read as follows:
   § 485-W. 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  SIX  HUNDRED FIFTY AND LESS THAN THREE THOUSAND SIX HUNDRED SIXTY,
 BASED UPON THE LATEST  FEDERAL  DECENNIAL  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%
                           3                15%
                           4                10%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

2021-S8268B (ACTIVE) - Details

See Assembly Version of this Bill:
A5987
Law Section:
Real Property Tax Law
Laws Affected:
Add §485-w, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10307
2019-2020: A384

2021-S8268B (ACTIVE) - Summary

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

2021-S8268B (ACTIVE) - Sponsor Memo

2021-S8268B (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  8268--B
 
                             I N  S E N A T E
 
                             February 8, 2022
                                ___________
 
 Introduced  by  Sen. MANNION -- read twice and ordered printed, and when
   printed to be committed  to  the  Committee  on  Local  Government  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee -- committee discharged,  bill  amended,
   ordered reprinted as amended and recommitted to said committee

 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-w to read as follows:
   § 485-W. 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 SIX HUNDRED FIFTY AND LESS THAN THREE THOUSAND SIX  HUNDRED  SIXTY,
 BASED  UPON  THE  LATEST  FEDERAL  DECENNIAL  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%
                           3                15%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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