|SAME AS||No Same As|
|Add §485-u, RPT L|
|Allows certain villages to enact a tax exemption for newly developed single-family and multi-family residential properties over the first five years the property is reassessed based on the difference in assessments.|
|04/10/2018||referred to real property taxation|
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NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A10307 SPONSOR: Stirpe
TITLE OF BILL: 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   PURPOSE OR GENERAL IDEA OF BILL: The purpose of this bill is to grant a partial property tax exemption on new development within certain village borders to encourage smart-growth within village limits where infrastructure already exists.   SUMMARY OF SPECIFIC PROVISIONS: Section 1. Amends the property tax law to grant village property tax exemptions on the construction of new single family and multi-family residential property for certain villages. Section 2. Effective date.   JUSTIFICATION: With the growing trend of un-sustainable development in New York, it is important to make sure we grow our communities in a smart and clustered manner. This bill would encourage the development of un-developed land in certain villages in order to make sure New York can grow sustainably and adhere to smart growth standards.   PRIOR LEGISLATIVE HISTORY: New bill.   FISCAL IMPLICATIONS: None to the state.   EFFECTIVE DATE: This act shall take effect immediately, but sunset to repeal ten years after it shall have become law.
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STATE OF NEW YORK ________________________________________________________________________ 10307 IN ASSEMBLY April 10, 2018 ___________ Introduced by M. of A. STIRPE -- read once and referred to the Committee on Real Property Taxation 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: 1 Section 1. The real property tax law is amended by adding a new 2 section 485-u to read as follows: 3 § 485-u. Newly constructed single-family and multi-family residential 4 exemption; certain villages. 1. Single-family and multi-family residen- 5 tial properties constructed subsequent to the effective date of a local 6 law adopted pursuant to this section shall be exempt from village taxes 7 to the extent provided in this section. After a public hearing, the 8 governing board of a village with a population greater than three thou- 9 sand four hundred forty and less than three thousand four hundred fifty, 10 based upon the two thousand ten federal census may, by local law, 11 provide for the exemption of real property from taxation as provided in 12 this section. A copy of such local law shall be filed with the commis- 13 sioner and the assessor of such municipality who prepares the assessment 14 roll on which the taxes of such municipality are levied. 15 2. (a)(i) Eligible newly constructed single-family and multi-family 16 residential property shall be exempt according to the following sched- 17 ule: 18 CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY 19 Year of exemption Exemption 20 1 25% 21 2 20% 22 3 15% 23 4 10% 24 5 5% EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD15206-02-8A. 10307 2 1 (ii) Such exemption shall apply solely to the increase in assessed 2 value thereof attributable to the construction of the single-family and 3 multi-family residential property. 4 (b) No such exemption shall be granted unless: 5 (i) Such construction occurred on vacant, predominantly vacant or 6 under-utilized land; and 7 (ii) Such construction commenced on or after the effective date of the 8 local law described in subdivision one of this section, but no later 9 than five years after the effective date of this section. 10 3. Application for exemption under this section shall be made on a 11 form prescribed by the commissioner and filed with such assessor on or 12 before the applicable taxable status date and within one year from the 13 date of completion of such construction. 14 4. If such assessor is satisfied that the applicant is entitled to an 15 exemption pursuant to this section, he or she shall approve the applica- 16 tion and such real property shall thereafter be exempt from taxation as 17 provided in this section commencing with the assessment roll prepared 18 after the taxable status date referred to in subdivision three of this 19 section. The assessed value of any exemption granted pursuant to this 20 section shall be entered by the assessor on the assessment roll with the 21 taxable property, with the amount of the exemption shown in a separate 22 column. 23 5. The provisions of this section shall apply to real property used as 24 the primary residence of the owner. 25 6. A local law adopted pursuant to this section may be repealed by the 26 governing body of the applicable village. In the event of such a repeal, 27 the exemption granted pursuant to this section shall cease. 28 § 2. This act shall take effect immediately; provided, however, that 29 this act shall expire and be deemed repealed ten years after it shall 30 have become a law.