Authorizes the town of Southampton, county of Suffolk, to enact by local law a homestead exemption; provides that such exemption shall not exceed $50,000 in full assessed value; authorizes a cap on all annual assessment increases for residential property, not to exceed five percent.
STATE OF NEW YORK
________________________________________________________________________
3872
2023-2024 Regular Sessions
IN ASSEMBLY
February 8, 2023
___________
Introduced by M. of A. THIELE -- read once and referred to the Committee
on Real Property Taxation
AN ACT authorizing the town of Southampton, county of Suffolk, to enact
by a local law a homestead exemption and cap on assessment increases
for real property tax purposes
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Notwithstanding any provision of law to the contrary, the
2 town of Southampton, county of Suffolk may enact by local law a home-
3 stead exemption from real property taxation as provided herein. Eligi-
4 bility for such homestead exemption shall be the same as for the basic
5 school tax relief (STAR) exemption pursuant to subdivision 3 of section
6 425 of the real property tax law. The exemption shall be uniform for all
7 eligible real property and shall not exceed $50,000 in full assessed
8 value.
9 § 2. In addition to the homestead exemption provided for in section
10 one of this act, the town of Southampton also may enact a local law
11 providing for a cap on all annual assessment increases for residential
12 property, attributable solely to market trend adjustments, not to exceed
13 five percent. This section shall not affect other assessment adjustments
14 attributable to other factors unrelated to market trends. Upon the
15 transfer of any such real property, the assessment of any such property
16 shall be reassessed pursuant to section 305 of the real property tax law
17 at the full value or at the uniform percentage of value without regard
18 to this section.
19 § 3. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04835-01-3
