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A05424 Summary:

Amd 485-n, RPT L
Expands the residential-commercial exemption program to include any municipality regardless of the population of the county in which it is located.
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A05424 Actions:

02/08/2017referred to real property taxation
01/03/2018referred to real property taxation
05/08/2018held for consideration in real property taxation
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A05424 Memo:

submitted in accordance with Assembly Rule III, Sec 1(f)
  TITLE OF BILL: An act to amend the real property tax law, in relation to the residential-commercial exemption program   PURPOSE OR GENERAL IDEA OF BILL: Expands the Residential-Commercial Exemption program statewide.   SUMMARY OF SPECIFIC PROVISIONS: Section 1. The real property tax law is amended to remove the restriction that limits the residential-commercial exemption program's applicability to Livingston County.   JUSTIFICATION: New York's older communities are faced with thousands of properties in need of significant remediation and rehabilitation. The cost of such remediation and rehabilitation frequently exceeds the value of the Prop- erty creating a situation where private sector financing will not loan money to undertake the remediation or rehabilitation. As a result, these properties will not be rehabilitated or redeveloped without addressing this gap in the private sector financing. This legislation will facili- tate the redevelopment of New York's communities by allowing counties, towns, villages and school districts, to grant real property tax abate- ment in defined redevelopment areas. Tax abatements are a proven technique for local governments to attract investors for revitalization. A tax abatement, which this bill would provide, is different than a strict tax exemption. A tax exemption takes away existing revenue generated by a property, while tax abatement does not change existing tax payments. With tax abatements, governments agree to take less than 100% of new revenue generated through property invest- ment, repair and renovation. This legislation will provide a tool for local governments to improve their communities. The proposed tax abatement program will not impose a cost upon the state, and therefore should be considered by the Legisla- ture as a no cost, mandate-free way to allow local governments across New York to invest in and attract outside investment to their communi- ties.   LEGISLATIVE HISTORY: 2015-16 A3940 2013-14 A7931 2011-12 A10193   FISCAL IMPLICATIONS: Unknown   EFFECTIVE DATE: This act shall take effect immediately.
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A05424 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                    February 8, 2017
        Introduced  by  M. of A. DiPIETRO, GRAF -- read once and referred to the
          Committee on Real Property Taxation
        AN ACT to amend the real property tax law, in relation to  the  residen-
          tial-commercial exemption program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (g) of subdivision 1 of section 485-n of the real
     2  property tax law, as amended by chapter 394 of  the  laws  of  2012,  is
     3  amended to read as follows:
     4    (g) "Municipality" means any town, city, village or other taxing enti-
     5  ty  [located in a county having a population of not less than sixty-five
     6  thousand three hundred ninety and not more than sixty-five thousand four
     7  hundred as determined by the federal decennial census for the  year  two
     8  thousand  ten  or in a county having a population of not less than nine-
     9  ty-eight thousand nine hundred and not more than ninety-nine thousand as
    10  determined by the federal decennial census for  the  year  two  thousand
    11  ten].
    12    §  2. This act shall take effect immediately, provided that the amend-
    13  ments to subdivision 1 of section 485-n of the  real  property  tax  law
    14  made  by  section  one  of  this act shall not affect the repeal of such
    15  section and shall be deemed repealed therewith.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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