NY State Assembly Bill 2023-A5898C

Current Bill Status - In Assembly Committee

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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 17, 2024	print number 5898c
Jan 17, 2024	amend and recommit to real property taxation
Jan 12, 2024	reference changed to real property taxation
Jan 03, 2024	referred to ways and means returned to assembly died in senate
Jun 10, 2023	referred to rules delivered to senate passed assembly home rule request ordered to third reading rules cal.852 rules report cal.852 reported
Jun 09, 2023	reported referred to rules
Jun 08, 2023	reference changed to ways and means
Jun 06, 2023	print number 5898b
Jun 06, 2023	amend and recommit to real property taxation
Jun 05, 2023	print number 5898a
Jun 05, 2023	amend and recommit to real property taxation
Mar 24, 2023	referred to real property taxation

Bill Amendments

Original

C (Active)

2023-A5898 - Details

See Senate Version of this Bill:: S5779
Current Committee:: Assembly Real Property Taxation
Law Section:: Real Property Tax Law
Laws Affected:: Add §485-x, RPT L

2023-A5898 - Summary

Establishes a vacant residential investment exemption in cities with a population of not less than seven thousand fifty and not more than seven thousand sixty, determined in accordance with the two thousand twenty census.

2023-A5898 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5898
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced by M. of A. ANGELINO -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to establishing a
   residential investment exemption in certain cities
 
   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-x to read as follows:
   §  485-X.  RESIDENTIAL PROPERTY IMPROVEMENT EXEMPTION; CERTAIN CITIES.
 1. CONSTRUCTION OF IMPROVEMENTS TO RESIDENTIAL REAL  PROPERTY  INITIATED
 ON  OR  AFTER  THE FIRST DAY OF JANUARY, TWO THOUSAND TWENTY-FOUR IN THE
 CITIES WITH A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY  AND  NOT
 MORE  THAN  SEVEN  THOUSAND SIXTY, DETERMINED IN ACCORDANCE WITH THE TWO
 THOUSAND TWENTY CENSUS, MAY BE EXEMPT FROM CITY AND SCHOOL  TAXATION  AS
 PROVIDED  IN THIS SECTION. SUCH REAL PROPERTY SHALL BE DESIGNATED BY THE
 CITY IN WHICH IT IS LOCATED AS RESIDENTIAL VACANT LAND  ON  SUCH  CITY'S
 TAX ROLL PRIOR TO THE CONSTRUCTION OF IMPROVEMENTS.
   2.  (A)(I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF EIGHTEEN
 MONTHS OR UNTIL A CERTIFICATE OF OCCUPANCY IS ISSUED, WHICHEVER IS SOON-
 ER, ON ALL CITY AND SCHOOL TAXATION.
   (II) (A) UPON THE TERMINATION OF  THE  EXEMPTION  PROVIDED  FOR  UNDER
 SUBPARAGRAPH  (I)  OF THIS PARAGRAPH, SUCH REAL PROPERTY SHALL BE EXEMPT
 FOR A PERIOD OF ONE YEAR TO THE EXTENT  OF  EIGHTY  PER  CENTUM  OF  THE
 ASSESSED  VALUE  THEREOF  AND  FOR  AN  ADDITIONAL PERIOD OF THREE YEARS
 PROVIDED, HOWEVER, THAT THE EXTENT OF SUCH EXEMPTION SHALL BE  DECREASED
 BY  TWENTY  PER  CENTUM EACH YEAR DURING SUCH ADDITIONAL PERIOD OF THREE
 YEARS  AND  SUCH  EXEMPTION  SHALL  BE  COMPUTED  WITH  RESPECT  TO  THE
 "EXEMPTION  BASE".  THE  EXEMPTION  BASE  SHALL BE THE ASSESSED VALUE AS
 DETERMINED BY THE ASSESSOR IN THE INITIAL YEAR OF SUCH FOUR-YEAR  PERIOD
 FOLLOWING  THE  TERMINATION OF THE EXEMPTION PROVIDED FOR UNDER SUBPARA-
 GRAPH (I) OF THIS PARAGRAPH.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09064-01-3

 A. 5898                             2
 
   (B) THE FOLLOWING TABLE SHALL ILLUSTRATE THE COMPUTATION OF  THE  CITY
 TAX EXEMPTION:
      YEAR OF EXEMPTION        PERCENTAGE OF EXEMPTION
         1                            80
         2                            60
         3                            40
         4                            20
   (C)  EXEMPTIONS  GRANTED  PURSUANT TO THIS SECTION SHALL APPLY TO REAL
 PROPERTY TAXES IMPOSED FOR BOTH CITY AND SCHOOL DISTRICT PURPOSES.
   (B) NO SUCH EXEMPTION SHALL BE GRANTED UNLESS: (I)  SUCH  CONSTRUCTION
 OF  IMPROVEMENTS WAS COMMENCED ON OR AFTER THE FIRST DAY OF JANUARY, TWO
 THOUSAND TWENTY-FOUR OR SUCH LATER DATE AS MAY  BE  SPECIFIED  BY  LOCAL
 LAW;
   (II)  THE  RESIDENTIAL REAL PROPERTY IS SITUATE IN A CITY WITH A POPU-
 LATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND  NOT  MORE  THAN  SEVEN
 THOUSAND  SIXTY,  DETERMINED  IN ACCORDANCE WITH THE TWO THOUSAND TWENTY
 CENSUS; AND
   (III) SUCH  CONSTRUCTION  IS  DOCUMENTED  BY  A  BUILDING  PERMIT,  IF
 REQUIRED,  FOR  THE  IMPROVEMENTS, OR OTHER APPROPRIATE DOCUMENTATION AS
 REQUIRED BY THE ASSESSOR.
   (C) FOR PURPOSES OF THIS SECTION, THE TERM "CONSTRUCTION  OF  IMPROVE-
 MENTS" SHALL MEAN THE CONSTRUCTION OF A RESIDENTIAL DWELLING.
   3.  SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
 OF SUCH REAL PROPERTY ON A FORM PRESCRIBED  BY  THE  COMMISSIONER.  SUCH
 APPLICATION SHALL BE FILED WITH THE ASSESSOR OF A CITY WITH A POPULATION
 OF  NOT  LESS THAN SEVEN THOUSAND FIFTY AND NOT MORE THAN SEVEN THOUSAND
 SIXTY, DETERMINED IN ACCORDANCE WITH THE TWO THOUSAND TWENTY CENSUS,  ON
 OR  BEFORE  THE  APPROPRIATE TAXABLE STATUS DATE OF SUCH CITY AND WITHIN
 ONE YEAR FROM THE DATE OF COMPLETION OF SUCH  CONSTRUCTION  OF  IMPROVE-
 MENTS.
   4.  IF  THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED TO AN
 EXEMPTION PURSUANT TO THIS SECTION, THEY SHALL APPROVE  THE  APPLICATION
 AND  SUCH  REAL  PROPERTY  SHALL  THEREAFTER BE EXEMPT FROM TAXATION AND
 SPECIAL AD VALOREM LEVIES BY A CITY WITH A POPULATION OF NOT  LESS  THAN
 SEVEN  THOUSAND FIFTY AND NOT MORE THAN SEVEN THOUSAND SIXTY, DETERMINED
 IN ACCORDANCE WITH THE TWO THOUSAND TWENTY CENSUS, AS PROVIDED  IN  THIS
 SECTION  COMMENCING  WITH THE ASSESSMENT ROLL PREPARED AFTER THE TAXABLE
 STATUS DATE REFERRED TO  IN  SUBDIVISION  THREE  OF  THIS  SECTION.  THE
 ASSESSED  VALUE  OF ANY EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL
 BE ENTERED BY THE ASSESSOR ON THE ASSESSMENT ROLL WITH THE TAXABLE PROP-
 ERTY, WITH THE AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   5. IN THE EVENT THAT REAL PROPERTY GRANTED AN  EXEMPTION  PURSUANT  TO
 THIS  SECTION  CEASES  TO  BE  USED PRIMARILY FOR ELIGIBLE PURPOSES, THE
 EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
   6. A CITY WITH A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY  AND
 NOT  MORE  THAN  SEVEN THOUSAND SIXTY, DETERMINED IN ACCORDANCE WITH THE
 TWO THOUSAND TWENTY CENSUS, MAY, BY LOCAL LAW, ESTABLISH A DATE FOR  THE
 COMMENCEMENT  OF EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT TO THIS
 SECTION. A COPY OF ALL SUCH LOCAL LAWS SHALL BE FILED WITH  THE  COMMIS-
 SIONER AND THE ASSESSOR OF THE CITY.
   § 2. This act shall take effect immediately.

2023-A5898A - Details

See Senate Version of this Bill:: S5779
Current Committee:: Assembly Real Property Taxation
Law Section:: Real Property Tax Law
Laws Affected:: Add §485-x, RPT L

2023-A5898A - Summary

2023-A5898A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5898--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced by M. of A. ANGELINO -- read once and referred to the Commit-
   tee  on  Real Property Taxation -- 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 establishing a
   residential investment exemption in certain cities

   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-x to read as follows:
   § 485-X. RESIDENTIAL PROPERTY IMPROVEMENT EXEMPTION;  CERTAIN  CITIES.
 1.  CONSTRUCTION  OF IMPROVEMENTS TO RESIDENTIAL REAL PROPERTY INITIATED
 ON OR AFTER THE FIRST DAY OF JANUARY, TWO THOUSAND  TWENTY-FOUR  IN  THE
 CITIES  WITH  A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND NOT
 MORE THAN SEVEN THOUSAND SIXTY, DETERMINED IN ACCORDANCE  WITH  THE  TWO
 THOUSAND  TWENTY CENSUS, MAY BE EXEMPT FROM CITY TAXATION AS PROVIDED IN
 THIS SECTION. SUCH REAL PROPERTY SHALL BE  DESIGNATED  BY  THE  CITY  IN
 WHICH  IT  IS LOCATED AS RESIDENTIAL VACANT LAND ON SUCH CITY'S TAX ROLL
 PRIOR TO THE CONSTRUCTION OF IMPROVEMENTS.
   2. (A)(I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF  EIGHTEEN
 MONTHS OR UNTIL A CERTIFICATE OF OCCUPANCY IS ISSUED, WHICHEVER IS SOON-
 ER, ON ALL CITY TAXATION.
   (II)  (A)  UPON  THE  TERMINATION  OF THE EXEMPTION PROVIDED FOR UNDER
 SUBPARAGRAPH (I) OF THIS PARAGRAPH, SUCH REAL PROPERTY SHALL  BE  EXEMPT
 FOR  A  PERIOD  OF  ONE  YEAR  TO THE EXTENT OF EIGHTY PER CENTUM OF THE
 ASSESSED VALUE THEREOF AND FOR  AN  ADDITIONAL  PERIOD  OF  THREE  YEARS
 PROVIDED,  HOWEVER, THAT THE EXTENT OF SUCH EXEMPTION SHALL BE DECREASED
 BY TWENTY PER CENTUM EACH YEAR DURING SUCH ADDITIONAL  PERIOD  OF  THREE
 YEARS  AND  SUCH  EXEMPTION  SHALL  BE  COMPUTED  WITH  RESPECT  TO  THE
 "EXEMPTION BASE". THE EXEMPTION BASE SHALL  BE  THE  ASSESSED  VALUE  AS
 DETERMINED  BY THE ASSESSOR IN THE INITIAL YEAR OF SUCH FOUR-YEAR PERIOD
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09064-02-3
 A. 5898--A                          2

 
 FOLLOWING THE TERMINATION OF THE EXEMPTION PROVIDED FOR  UNDER  SUBPARA-
 GRAPH (I) OF THIS PARAGRAPH.
   (B)  THE  FOLLOWING TABLE SHALL ILLUSTRATE THE COMPUTATION OF THE CITY
 TAX EXEMPTION:
      YEAR OF EXEMPTION        PERCENTAGE OF EXEMPTION
         1                            80
         2                            60
         3                            40
         4                            20
   (C) EXEMPTIONS GRANTED PURSUANT TO THIS SECTION SHALL  APPLY  TO  REAL
 PROPERTY TAXES IMPOSED FOR CITY PURPOSES.
   (B)  NO  SUCH EXEMPTION SHALL BE GRANTED UNLESS: (I) SUCH CONSTRUCTION
 OF IMPROVEMENTS WAS COMMENCED ON OR AFTER THE FIRST DAY OF JANUARY,  TWO
 THOUSAND  TWENTY-FOUR  OR  SUCH  LATER DATE AS MAY BE SPECIFIED BY LOCAL
 LAW;
   (II) THE RESIDENTIAL REAL PROPERTY IS SITUATE IN A CITY WITH  A  POPU-
 LATION  OF  NOT  LESS  THAN SEVEN THOUSAND FIFTY AND NOT MORE THAN SEVEN
 THOUSAND SIXTY, DETERMINED IN ACCORDANCE WITH THE  TWO  THOUSAND  TWENTY
 CENSUS; AND
   (III)  SUCH  CONSTRUCTION  IS  DOCUMENTED  BY  A  BUILDING  PERMIT, IF
 REQUIRED, FOR THE IMPROVEMENTS, OR OTHER  APPROPRIATE  DOCUMENTATION  AS
 REQUIRED BY THE ASSESSOR.
   (C)  FOR  PURPOSES OF THIS SECTION, THE TERM "CONSTRUCTION OF IMPROVE-
 MENTS" SHALL MEAN THE CONSTRUCTION OF A RESIDENTIAL DWELLING.
   3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
 OF  SUCH  REAL  PROPERTY  ON A FORM PRESCRIBED BY THE COMMISSIONER. SUCH
 APPLICATION SHALL BE FILED WITH THE ASSESSOR OF A CITY WITH A POPULATION
 OF NOT LESS THAN SEVEN THOUSAND FIFTY AND NOT MORE THAN  SEVEN  THOUSAND
 SIXTY,  DETERMINED IN ACCORDANCE WITH THE TWO THOUSAND TWENTY CENSUS, ON
 OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH  CITY  AND  WITHIN
 ONE  YEAR  FROM  THE DATE OF COMPLETION OF SUCH CONSTRUCTION OF IMPROVE-
 MENTS.
   4. IF THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED  TO  AN
 EXEMPTION  PURSUANT  TO THIS SECTION, THEY SHALL APPROVE THE APPLICATION
 AND SUCH REAL PROPERTY SHALL THEREAFTER  BE  EXEMPT  FROM  TAXATION  AND
 SPECIAL  AD  VALOREM LEVIES BY A CITY WITH A POPULATION OF NOT LESS THAN
 SEVEN THOUSAND FIFTY AND NOT MORE THAN SEVEN THOUSAND SIXTY,  DETERMINED
 IN  ACCORDANCE  WITH THE TWO THOUSAND TWENTY CENSUS, AS PROVIDED IN THIS
 SECTION COMMENCING WITH THE ASSESSMENT ROLL PREPARED AFTER  THE  TAXABLE
 STATUS  DATE  REFERRED  TO  IN  SUBDIVISION  THREE  OF THIS SECTION. THE
 ASSESSED VALUE OF ANY EXEMPTION GRANTED PURSUANT TO THIS  SECTION  SHALL
 BE ENTERED BY THE ASSESSOR ON THE ASSESSMENT ROLL WITH THE TAXABLE PROP-
 ERTY, WITH THE AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   5.  IN  THE  EVENT THAT REAL PROPERTY GRANTED AN EXEMPTION PURSUANT TO
 THIS SECTION CEASES TO BE USED  PRIMARILY  FOR  ELIGIBLE  PURPOSES,  THE
 EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
   6.  A CITY WITH A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND
 NOT MORE THAN SEVEN THOUSAND SIXTY, DETERMINED IN  ACCORDANCE  WITH  THE
 TWO  THOUSAND TWENTY CENSUS, MAY, BY LOCAL LAW, ESTABLISH A DATE FOR THE
 COMMENCEMENT OF EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT TO  THIS
 SECTION.  A  COPY OF ALL SUCH LOCAL LAWS SHALL BE FILED WITH THE COMMIS-
 SIONER AND THE ASSESSOR OF THE CITY.
   § 2. This act shall take effect immediately.

2023-A5898B - Details

See Senate Version of this Bill:: S5779
Current Committee:: Assembly Real Property Taxation
Law Section:: Real Property Tax Law
Laws Affected:: Add §485-x, RPT L

2023-A5898B - Summary

2023-A5898B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5898--B
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced by M. of A. ANGELINO -- read once and referred to the Commit-
   tee  on  Real Property Taxation -- committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   again  reported from said committee with amendments, ordered reprinted
   as amended and recommitted to said committee

 AN ACT to amend the real property tax law, in relation to establishing a
   residential investment exemption in certain cities
 
   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-x to read as follows:
   § 485-X.  VACANT  RESIDENTIAL  REAL  PROPERTY  IMPROVEMENT  EXEMPTION;
 CERTAIN  CITIES.  1.  CONSTRUCTION  OF  IMPROVEMENTS TO RESIDENTIAL REAL
 PROPERTY, PROVIDED THAT SUCH REAL PROPERTY  WAS  VACANT  PRIOR  TO  SUCH
 CONSTRUCTION,  INITIATED ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-
 FOUR IN A CITY WITH A POPULATION OF NOT LESS THAN SEVEN  THOUSAND  FIFTY
 AND  NOT  MORE  THAN SEVEN THOUSAND SIXTY, DETERMINED IN ACCORDANCE WITH
 THE TWO THOUSAND TWENTY CENSUS, MAY BE  EXEMPT  FROM  CITY  TAXATION  AS
 PROVIDED IN THIS SECTION.
   2. (A)(I)  DURING THE CONSTRUCTION PERIOD, SUCH REAL PROPERTY SHALL BE
 FULLY  EXEMPT  FROM  CITY TAXATION, UP TO A PERIOD OF EIGHTEEN MONTHS OR
 UNTIL A CERTIFICATE OF OCCUPANCY IS ISSUED, WHICHEVER IS SOONER, ON  ALL
 CITY TAXATION.  FOR THE PURPOSES OF THIS SECTION, THE TERM "CONSTRUCTION
 PERIOD"  SHALL  MEAN  THE PERIOD OF TIME BEGINNING ON THE DATE WHICH THE
 ACTUAL CONSTRUCTION OF IMPROVEMENTS TO VACANT RESIDENTIAL REAL PROPERTY,
 PURSUANT TO SUBDIVISION ONE OF THIS SECTION,  LAWFULLY  BEGINS  IN  GOOD
 FAITH AND ENDING ON THE DATE A CERTIFICATE OF OCCUPANCY HAS BEEN ISSUED.
   (II)  (A)  UPON  THE  TERMINATION  OF THE EXEMPTION PROVIDED FOR UNDER
 SUBPARAGRAPH (I) OF THIS PARAGRAPH, SUCH REAL PROPERTY SHALL  BE  EXEMPT
 FOR  A  PERIOD  OF  ONE  YEAR  TO THE EXTENT OF EIGHTY PER CENTUM OF THE
 ASSESSED VALUE THEREOF AND FOR AN  ADDITIONAL  PERIOD  OF  THREE  YEARS,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09064-04-3

 A. 5898--B                          2
 
 PROVIDED,  HOWEVER,  THAT THE EXTENT OF SUCH EXEMPTION SHALL DECREASE BY
 TWENTY PER CENTUM EACH YEAR DURING SUCH ADDITIONAL PERIOD OF THREE YEARS
 AND SUCH EXEMPTION SHALL BE COMPUTED  WITH  RESPECT  TO  THE  "EXEMPTION
 BASE". FOR THE PURPOSES OF THIS SECTION, THE TERM "EXEMPTION BASE" SHALL
 MEAN  THE  ASSESSED  VALUE  AS DETERMINED BY THE ASSESSOR IN THE INITIAL
 YEAR OF SUCH FOUR-YEAR PERIOD FOLLOWING THE TERMINATION OF THE EXEMPTION
 PROVIDED FOR UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
   (B) THE FOLLOWING TABLE SHALL ILLUSTRATE THE COMPUTATION OF  THE  CITY
 TAX EXEMPTION:
      YEAR OF EXEMPTION        PERCENTAGE OF EXEMPTION
         1                            80
         2                            60
         3                            40
         4                            20
   (C)  EXEMPTIONS  GRANTED  PURSUANT TO THIS SECTION SHALL APPLY TO REAL
 PROPERTY TAXES IMPOSED FOR CITY PURPOSES.
   (B) NO SUCH EXEMPTION SHALL BE GRANTED UNLESS: (I)  SUCH  CONSTRUCTION
 OF  IMPROVEMENTS WAS COMMENCED ON OR AFTER THE FIRST DAY OF JANUARY, TWO
 THOUSAND TWENTY-FOUR OR SUCH LATER DATE AS MAY  BE  SPECIFIED  BY  LOCAL
 LAW;
   (II)  THE  RESIDENTIAL REAL PROPERTY IS SITUATE IN A CITY WITH A POPU-
 LATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND  NOT  MORE  THAN  SEVEN
 THOUSAND  SIXTY,  DETERMINED  IN ACCORDANCE WITH THE TWO THOUSAND TWENTY
 CENSUS; AND
   (III) SUCH  CONSTRUCTION  IS  DOCUMENTED  BY  A  BUILDING  PERMIT,  IF
 REQUIRED,  FOR  THE  IMPROVEMENTS, OR OTHER APPROPRIATE DOCUMENTATION AS
 REQUIRED BY THE ASSESSOR.
   3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
 OF  SUCH  REAL  PROPERTY  ON A FORM PRESCRIBED BY THE COMMISSIONER. SUCH
 APPLICATION SHALL BE FILED WITH THE ASSESSOR OF A CITY WITH A POPULATION
 OF NOT LESS THAN SEVEN THOUSAND FIFTY AND NOT MORE THAN  SEVEN  THOUSAND
 SIXTY,  DETERMINED IN ACCORDANCE WITH THE TWO THOUSAND TWENTY CENSUS, ON
 OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH  CITY  AND  WITHIN
 ONE  YEAR  FROM  THE DATE OF COMPLETION OF SUCH CONSTRUCTION OF IMPROVE-
 MENTS.
   4. IF THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED  TO  AN
 EXEMPTION  PURSUANT  TO THIS SECTION, THEY SHALL APPROVE THE APPLICATION
 AND SUCH REAL PROPERTY SHALL THEREAFTER  BE  EXEMPT  FROM  TAXATION  AND
 SPECIAL  AD  VALOREM LEVIES BY A CITY WITH A POPULATION OF NOT LESS THAN
 SEVEN THOUSAND FIFTY AND NOT MORE THAN SEVEN THOUSAND SIXTY,  DETERMINED
 IN  ACCORDANCE  WITH THE TWO THOUSAND TWENTY CENSUS, AS PROVIDED IN THIS
 SECTION COMMENCING WITH THE ASSESSMENT ROLL PREPARED AFTER  THE  TAXABLE
 STATUS  DATE  REFERRED  TO  IN  SUBDIVISION  THREE  OF THIS SECTION. THE
 ASSESSED VALUE OF ANY EXEMPTION GRANTED PURSUANT TO THIS  SECTION  SHALL
 BE ENTERED BY THE ASSESSOR ON THE ASSESSMENT ROLL WITH THE TAXABLE PROP-
 ERTY, WITH THE AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   5.  IN  THE  EVENT THAT REAL PROPERTY GRANTED AN EXEMPTION PURSUANT TO
 THIS SECTION CEASES TO BE USED  PRIMARILY  FOR  ELIGIBLE  PURPOSES,  THE
 EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
   6.  A CITY WITH A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND
 NOT MORE THAN SEVEN THOUSAND SIXTY, DETERMINED IN  ACCORDANCE  WITH  THE
 TWO  THOUSAND TWENTY CENSUS, MAY, BY LOCAL LAW, ESTABLISH A DATE FOR THE
 COMMENCEMENT OF EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT TO  THIS
 SECTION.  A  COPY OF ALL SUCH LOCAL LAWS SHALL BE FILED WITH THE COMMIS-
 SIONER AND THE ASSESSOR OF THE CITY.
   § 2. This act shall take effect immediately.

2023-A5898C (ACTIVE) - Details

See Senate Version of this Bill:: S5779
Current Committee:: Assembly Real Property Taxation
Law Section:: Real Property Tax Law
Laws Affected:: Add §485-x, RPT L

2023-A5898C (ACTIVE) - Summary

2023-A5898C (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5898--C
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              March 24, 2023
                                ___________
 
 Introduced by M. of A. ANGELINO -- read once and referred to the Commit-
   tee  on  Real Property Taxation -- committee discharged, bill amended,
   ordered reprinted as amended and  recommitted  to  said  committee  --
   again  reported from said committee with amendments, ordered reprinted
   as amended and recommitted to said committee  --  recommitted  to  the
   Committee  on  Real Property Taxation in accordance with Assembly Rule
   3, sec. 2 -- 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 establishing a
   residential investment exemption in certain cities
 
   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-x to read as follows:
   §  485-X.  VACANT  RESIDENTIAL  REAL  PROPERTY  IMPROVEMENT EXEMPTION;
 CERTAIN CITIES. 1. CONSTRUCTION  OF  IMPROVEMENTS  TO  RESIDENTIAL  REAL
 PROPERTY,  PROVIDED  THAT  SUCH  REAL  PROPERTY WAS VACANT PRIOR TO SUCH
 CONSTRUCTION, INITIATED ON OR AFTER JANUARY FIRST, TWO THOUSAND  TWENTY-
 FIVE  IN  A CITY WITH A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY
 AND NOT MORE THAN SEVEN THOUSAND SIXTY, DETERMINED  IN  ACCORDANCE  WITH
 THE  TWO  THOUSAND  TWENTY  CENSUS,  MAY BE EXEMPT FROM CITY TAXATION AS
 PROVIDED IN THIS SECTION.
   2. (A)(I)  DURING THE CONSTRUCTION PERIOD, SUCH REAL PROPERTY SHALL BE
 FULLY EXEMPT FROM CITY TAXATION, UP TO A PERIOD OF  EIGHTEEN  MONTHS  OR
 UNTIL  A CERTIFICATE OF OCCUPANCY IS ISSUED, WHICHEVER IS SOONER, ON ALL
 CITY TAXATION.  FOR THE PURPOSES OF THIS SECTION, THE TERM "CONSTRUCTION
 PERIOD" SHALL MEAN THE PERIOD OF TIME BEGINNING ON THE  DATE  WHICH  THE
 ACTUAL CONSTRUCTION OF IMPROVEMENTS TO VACANT RESIDENTIAL REAL PROPERTY,
 PURSUANT  TO  SUBDIVISION  ONE  OF THIS SECTION, LAWFULLY BEGINS IN GOOD
 FAITH AND ENDING ON THE DATE A CERTIFICATE OF OCCUPANCY HAS BEEN ISSUED.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09064-06-4
 A. 5898--C                          2

 
   (II) (A) UPON THE TERMINATION OF  THE  EXEMPTION  PROVIDED  FOR  UNDER
 SUBPARAGRAPH  (I)  OF THIS PARAGRAPH, SUCH REAL PROPERTY SHALL BE EXEMPT
 FOR A PERIOD OF ONE YEAR TO THE EXTENT  OF  EIGHTY  PER  CENTUM  OF  THE
 ASSESSED  VALUE  THEREOF  AND  FOR  AN ADDITIONAL PERIOD OF THREE YEARS,
 PROVIDED,  HOWEVER,  THAT THE EXTENT OF SUCH EXEMPTION SHALL DECREASE BY
 TWENTY PER CENTUM EACH YEAR DURING SUCH ADDITIONAL PERIOD OF THREE YEARS
 AND SUCH EXEMPTION SHALL BE COMPUTED  WITH  RESPECT  TO  THE  "EXEMPTION
 BASE". FOR THE PURPOSES OF THIS SECTION, THE TERM "EXEMPTION BASE" SHALL
 MEAN  THE  ASSESSED  VALUE  AS DETERMINED BY THE ASSESSOR IN THE INITIAL
 YEAR OF SUCH FOUR-YEAR PERIOD FOLLOWING THE TERMINATION OF THE EXEMPTION
 PROVIDED FOR UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.
   (B) THE FOLLOWING TABLE SHALL ILLUSTRATE THE COMPUTATION OF  THE  CITY
 TAX EXEMPTION:
      YEAR OF EXEMPTION        PERCENTAGE OF EXEMPTION
         1                            80
         2                            60
         3                            40
         4                            20
   (C)  EXEMPTIONS  GRANTED  PURSUANT TO THIS SECTION SHALL APPLY TO REAL
 PROPERTY TAXES IMPOSED FOR CITY PURPOSES.
   (B) NO SUCH EXEMPTION SHALL BE GRANTED UNLESS: (I)  SUCH  CONSTRUCTION
 OF  IMPROVEMENTS WAS COMMENCED ON OR AFTER THE FIRST DAY OF JANUARY, TWO
 THOUSAND TWENTY-FIVE OR SUCH LATER DATE AS MAY  BE  SPECIFIED  BY  LOCAL
 LAW;
   (II)  THE  RESIDENTIAL REAL PROPERTY IS SITUATE IN A CITY WITH A POPU-
 LATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND  NOT  MORE  THAN  SEVEN
 THOUSAND  SIXTY,  DETERMINED  IN ACCORDANCE WITH THE TWO THOUSAND TWENTY
 CENSUS; AND
   (III) SUCH  CONSTRUCTION  IS  DOCUMENTED  BY  A  BUILDING  PERMIT,  IF
 REQUIRED,  FOR  THE  IMPROVEMENTS, OR OTHER APPROPRIATE DOCUMENTATION AS
 REQUIRED BY THE ASSESSOR.
   3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
 OF  SUCH  REAL  PROPERTY  ON A FORM PRESCRIBED BY THE COMMISSIONER. SUCH
 APPLICATION SHALL BE FILED WITH THE ASSESSOR OF A CITY WITH A POPULATION
 OF NOT LESS THAN SEVEN THOUSAND FIFTY AND NOT MORE THAN  SEVEN  THOUSAND
 SIXTY,  DETERMINED IN ACCORDANCE WITH THE TWO THOUSAND TWENTY CENSUS, ON
 OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH  CITY  AND  WITHIN
 ONE  YEAR  FROM  THE DATE OF COMPLETION OF SUCH CONSTRUCTION OF IMPROVE-
 MENTS.
   4. IF THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED  TO  AN
 EXEMPTION  PURSUANT  TO THIS SECTION, THEY SHALL APPROVE THE APPLICATION
 AND SUCH REAL PROPERTY SHALL THEREAFTER  BE  EXEMPT  FROM  TAXATION  AND
 SPECIAL  AD  VALOREM LEVIES BY A CITY WITH A POPULATION OF NOT LESS THAN
 SEVEN THOUSAND FIFTY AND NOT MORE THAN SEVEN THOUSAND SIXTY,  DETERMINED
 IN  ACCORDANCE  WITH THE TWO THOUSAND TWENTY CENSUS, AS PROVIDED IN THIS
 SECTION COMMENCING WITH THE ASSESSMENT ROLL PREPARED AFTER  THE  TAXABLE
 STATUS  DATE  REFERRED  TO  IN  SUBDIVISION  THREE  OF THIS SECTION. THE
 ASSESSED VALUE OF ANY EXEMPTION GRANTED PURSUANT TO THIS  SECTION  SHALL
 BE ENTERED BY THE ASSESSOR ON THE ASSESSMENT ROLL WITH THE TAXABLE PROP-
 ERTY, WITH THE AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   5.  IN  THE  EVENT THAT REAL PROPERTY GRANTED AN EXEMPTION PURSUANT TO
 THIS SECTION CEASES TO BE USED  PRIMARILY  FOR  ELIGIBLE  PURPOSES,  THE
 EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
   6.  A CITY WITH A POPULATION OF NOT LESS THAN SEVEN THOUSAND FIFTY AND
 NOT MORE THAN SEVEN THOUSAND SIXTY, DETERMINED IN  ACCORDANCE  WITH  THE
 TWO  THOUSAND TWENTY CENSUS, MAY, BY LOCAL LAW, ESTABLISH A DATE FOR THE
 A. 5898--C                          3
 
 COMMENCEMENT OF EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT TO  THIS
 SECTION.  A  COPY OF ALL SUCH LOCAL LAWS SHALL BE FILED WITH THE COMMIS-
 SIONER AND THE ASSESSOR OF THE CITY.
   § 2. This act shall take effect immediately.

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Assembly Bill A5898C

Sponsored By

Current Bill Status - In Assembly Committee

Bill Amendments

2023-A5898 - Details

2023-A5898 - Summary

2023-A5898 - Bill Text download pdf

2023-A5898A - Details

2023-A5898A - Summary

2023-A5898A - Bill Text download pdf

2023-A5898B - Details

2023-A5898B - Summary

2023-A5898B - Bill Text download pdf

2023-A5898C (ACTIVE) - Details

2023-A5898C (ACTIVE) - Summary

2023-A5898C (ACTIVE) - Bill Text download pdf

Comments

Assembly Bill A5898C

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Sponsored By

ANGELINO

Current Bill Status - In Assembly Committee

Bill Amendments

2023-A5898 - Details

2023-A5898 - Summary

2023-A5898 - Bill Text download pdf

2023-A5898A - Details

2023-A5898A - Summary

2023-A5898A - Bill Text download pdf

2023-A5898B - Details

2023-A5898B - Summary

2023-A5898B - Bill Text download pdf

2023-A5898C (ACTIVE) - Details

2023-A5898C (ACTIVE) - Summary

2023-A5898C (ACTIVE) - Bill Text download pdf

Comments