A07422 Summary:

BILL NO    A07422A

SAME AS    Same as S 4766

SPONSOR    Paulin (MS)

COSPNSR    Pheffer, Cook, DenDekker, Schroeder, Stirpe, Abbate, Castro, Colton,
           Eddington, Fields, Gabryszak, Galef, Gunther, Hooper, Jaffee, Koon,
           Markey, Spano, Titone, Towns, Espaillat

MLTSPNSR   Amedore, Bradley, Cahill, Christensen, Destito, Hyer-Spencer,
           Lupardo, McEneny, Meng, Weisenberg

Amd S458-b, RPT L

Increases the real property tax exemption for Cold War veterans; each county,
city, town or village may adopt local laws to provide for such exemptions;
relates to cooperative apartments and property held in trust for the benefit of
a veteran.

A07422 Actions:

BILL NO    A07422A

04/06/2009 referred to veterans' affairs
04/21/2009 amend and recommit to veterans' affairs
04/21/2009 print number 7422a
05/05/2009 reported referred to ways and means
06/22/2009 reported referred to rules
06/22/2009 reported 
06/22/2009 rules report cal.649
06/22/2009 substituted by s4766
           S04766  AMEND=  ADDABBO
           04/27/2009 REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
           05/12/2009 1ST REPORT CAL.331
           05/13/2009 2ND REPORT CAL.
           05/18/2009 ADVANCED TO THIRD READING 
           06/01/2009 PASSED SENATE
           06/01/2009 DELIVERED TO ASSEMBLY
           06/01/2009 referred to ways and means
           06/22/2009 substituted for a7422a
           06/22/2009 ordered to third reading rules cal.649
           06/22/2009 passed assembly
           06/22/2009 returned to senate
           07/13/2009 DELIVERED TO GOVERNOR
           07/23/2009 SIGNED CHAP.235

A07422 Votes:

A07422 Memo:

BILL NUMBER:A7422A

TITLE OF BILL:  An act to amend the real property  tax law, in relation
to increasing the tax exemption for Cold War veterans and cooperative
apartments and property held in trust for the benefit of a veteran

PURPOSE OR GENERAL IDEA OF BILL: To provide an opportunity for munici-
palities to choose to offer increased property tax exemptions for veter-
ans pursuant to section 458-b of the real property tax law and to also
allow such veterans who reside in cooperative apartments to benefit from
property tax exemptions when they are tenant-stockholders of cooperative
apartment corporations

SUMMARY OF SPECIFIC PROVISIONS: Section one amends paragraph (g) of
subdivision 1 of section 458-b of the real property tax law, as added by
chapter 655 of the laws of 2007, by providing that the state board shall
establish a special equalization rate if there has been a material
change in the level of assessment since the establishment of the latest
state equalization rate. Such special rate shall not exceed one hundred.
Should the state equalization rate exceed one hundred, then it shall be
one hundred for purposes of section 458-b.  Section one further provides
when and how the assessor is directed and authorized to recompute the
Cold War veterans exemption on the final assessment roll, including
those times when the assessor shall certify any recomputation to the
local officers who have custody and control of such final assessment
roll and provides when the local officers are directed and authorized to
enter the certified recomputed Cold War veterans exemption on the final
assessment roll.

Section two amends subdivisions 2,3,4, and 4a of section 458-b of the
real property tax law. Subparagraph (iv) of paragraph (c) of subdivision
2 is amended by providing that each county, city, town or village may
adopt a local law to reduce the maximum exemption allowable and provides
the amounts by which such municipalities may reduce the exemption.
Subparagraph (iv) also provides that each county, city, town or village
may adopt a local law to increase the maximum exemption allowable and
provides the amounts by which such municipalities may increase the
exemption. Additionally, in cases where a county, city, town or village
is a "high-appreciation municipality", each county, city, town or
village may adopt a local law to increase the maximum exemption allow-
able and provides the amounts by which such municipalities may increase
the exemption. A "high-appreciation municipality" is defined for
purposes of subparagraph (iv). Section two also provides that subdivi-
sion 3 of section 458-b of the real property tax law shall be omitted,
and subdivisions 4 and 4-a of section 458-b shall be numbered subdivi-
sions 3 and 4, respectively.

Section three amends section 458-b of the real property tax law by
adding three new subdivisions 6, 7 and 8. Subdivision 6 provides that
all provisions of section 458-b of the real property tax law shall apply
to real property that is held in trust solely for the benefit of a
person or persons who would otherwise be eligible for a real property

tax exemption pursuant to section 458-b of the real property tax law.
Subdivision 7 provides that title to an apartment that is a portion of a
cooperative apartment corporation (therefore, a co-op apartment) shall
be vested in a person who is a tenant-stockholder of such corporation
when such person resides in such apartment. Such tenant-stockholder who
qualifies for a real property tax exemption pursuant to section 458-b of
the real property tax law shall have the amount of such exemption cred-
ited by the cooperative apartment corporation against the amount of
taxes otherwise payable by or chargeable to such tenant-stockholder.
Should a tenant-stockholder reside in a dwelling that is subject to the
provisions of either article two, four, five or eleven of the private
housing finance law such tenant-stockholder shall not be eligible for an
exemption pursuant to section 458-b of the real property rty tax law.
Real property owned by a cooperative corporation may be exempt from
taxation pursuant to section 458-b of the real property tax law when,
after a public hearing, a municipality in which such property is located
adopts a local law, ordinance, or resolution that provides for such
exemption. Subdivision 8 provides that nothing in section 458-b of the
real property tax law shall change any other exemption or benefit avail-
able pursuant to the real property tax law.

Section four provides the effective date.

JUSTIFICATION: In 2007, and again in 2008, the real property tax law was
amended to allow municipalities to choose to offer a property tax
exemption to veterans who had served in the military, but who did not
already qualify for the exemptions that a municipality could choose to
offer pursuant to section 458-a of the real property tax law.

Many local municipalities have requested an amendment to the law that
would permit them to provide increased property tax exemptions to veter-
ans. This legislation provides an opportunity for municipalities to
choose to offer, pursuant to section 458-b of the real property tax law,
tax exemptions similar to those currently available to veterans pursuant
to section 458-a.

Additionally, section 458-a currently allows municipalities to choose to
offer property tax exemptions to veterans who reside in cooperative
apartments when such apartment is a portion of real property that is
owned by a cooperative apartment corporation and such veteran is a
tenant-stockholder of such cooperation. Similarly, this legislation
would allow veterans who otherwise qualify for property tax exemptions
pursuant to 458-b, and who are tenant-stock holders who reside in coop-
erative apartments, to benefit from property tax exemptions too.

PRIOR LEGISLATIVE HISTORY: This is a new bill.

FISCAL IMPLICATION: None to the state.

EFFECTIVE DATE: January 2, 2010, and shall apply to assessment rolls
prepared on the basis of taxable status dates occurring on or after such
date.