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A07095 Summary:

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A07095 Floor Votes:

A07095 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         7095--A
 
                               2009-2010 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 20, 2009
                                       ___________
 
        Introduced  by M. of A. GALEF -- read once and referred to the Committee
          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 the eligibil-
          ity of persons residing in property owned by a limited partnership  to

          seek  small  claims  assessment review; and to repeal subdivision 9 of
          section 730 of the real property tax law relating thereto
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 1 of section 730 of the real property tax law
     2  is amended by adding a new closing paragraph to read as follows:
     3    An owner of real property who qualifies under paragraphs  (a)  through
     4  (d) of this subdivision shall also include:
     5    (i)  a  person  or persons whose real property is held in trust solely
     6  for the benefit of such person or persons if the property serves as  the
     7  primary  residence  of  such person or persons and the trust which holds
     8  title to the property was lawfully created  to  hold  title  solely  for

     9  estate planning and asset protection purposes; and
    10    (ii) a person or persons who reside in real property which is owned by
    11  a limited partnership if the property serves as the primary residence of
    12  such  person  or persons and said limited partnership does not engage in
    13  any commercial activity, was lawfully created to hold title  solely  for
    14  estate  planning  and asset protection purposes and the partner or part-
    15  ners who primarily reside thereon personally pay all of the real proper-
    16  ty taxes and other costs associated with the property's ownership.
    17    § 2. Subdivision 9 of section 730 of the  real  property  tax  law  is
    18  REPEALED.
    19    § 3. This act shall take effect immediately.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets

                              [ ] is old law to be omitted.
                                                                   LBD01705-02-9