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S09688 Summary:

S09688 Actions:

S09688 Committee Votes:

S09688 Floor Votes:

S09688 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9688
 
                    IN SENATE
 
                                      May 21, 2024
                                       ___________
 
        Introduced by Sen. FERNANDEZ -- read twice and ordered printed, and when
          printed  to be committed to the Committee on Housing, Construction and
          Community Development
 
        AN ACT to amend the real property tax law, in relation to  providing  an
          exemption from taxation for capital improvements to residential build-
          ings to reduce carbon emissions

          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 421-q to read as follows:
     3    §  421-q. Exemption from taxation for capital improvements to residen-
     4  tial buildings to reduce carbon emissions. 1. For the purposes  of  this
     5  section, the following terms shall have the following meanings:
     6    (a)  "Eligible  real  property"  means  any owner-occupied building or
     7  structure designed and occupied exclusively for residential purposes  by
     8  not more than two families.
     9    (b)  "Eligible  improvements"  shall  be limited to categories of work
    10  that result in a reduction of greenhouse gas emissions for  the   build-
    11  ing,  provided  further  that  such work shall be in conformity with all
    12  applicable state and local laws.  Eligible improvements  shall  include,
    13  but not be limited to, any of the following types of improvements:
    14    (i)  Replacement, repair or installation of new systems for heating or
    15  cooling, including domestic hot water;
    16    (ii) Installation of solar, energy storage,  or  other  mechanisms  to
    17  offset use of energy from the electrical grid;
    18    (iii)  Replacement  or  installation  of  insulation  in walls, roofs,
    19  flooring, windows, eaves, and around pipes;
    20    (iv) Replacement or installation of thermostats to control temperature
    21  and building management systems;
    22    (v) Installation of energy efficient appliances, fixtures,  or  light-
    23  ing; and
    24    (vi)  Repair,  replacement  or  modification of the electrical system,
    25  and/or wiring associated therewith.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15548-01-4
        S. 9688                             2
 
     1    (c) "Exemption base" means the amount of increased assessed  value  on
     2  eligible real property resulting from eligible improvements.
     3    2.  Eligible  real  property  reconstructed,  altered or improved as a
     4  result of eligible improvements subsequent to the effective date of this
     5  section shall be exempt from taxation and special ad valorem  levies  to
     6  the  extent provided in this section, provided that after a public hear-
     7  ing, the governing board of the applicable county, city, town or village
     8  adopts a local law and a school district, other than a  school  district
     9  subject  to  article fifty-two of the education law, adopts a resolution
    10  to grant the exemption authorized pursuant to this section.  A  copy  of
    11  such  local  law  or resolution shall be filed with the commissioner and
    12  the assessor of such  county,  city, town or village  who  prepares  the
    13  assessment  roll  on which the taxes of such county, city, town, village
    14  or school district are levied.
    15    3. Eligible real property subject to eligible  improvements  shall  be
    16  exempt  from  taxation  for  a period of twenty years. For the first ten
    17  years after the eligible improvements have been completed,  one  hundred
    18  percent  of  the  exemption  base  shall  be  exempt from taxation. Such
    19  exemption shall decrease by  ten percent annually  over  the  subsequent
    20  ten years.
    21    4.  The exemption established in this section  shall  be  granted only
    22  upon application by the owner of such building on a form  prescribed  by
    23  the  commissioner.  The  application shall be filed with the assessor of
    24  the city, town, village or  county  having the   power   to  assess  the
    25  applicable  eligible  real property for taxation on or before the appro-
    26  priate taxable status date of such city, town, village or county.
    27    5. If satisfied  that  the  applicant  is  entitled  to  an  exemption
    28  pursuant to this section, the assessor shall approve the application and
    29  such  eligible real property  shall  thereafter be exempt from  taxation
    30  and  special  ad  valorem levies as herein provided commencing with  the
    31  assessment  roll prepared  on  the   basis   of   the   taxable   status
    32  date referred to in subdivision four of this section. The assessed value
    33  of  any   exemption granted pursuant to this section shall be entered by
    34  the assessor on the assessment   roll   with   the   eligible  property,
    35  with the amount of the exemption shown in a separate column.
    36    6.  In  the  event  that eligible real property granted  an  exemption
    37  pursuant  to this  section  ceases  to  be used primarily  for  residen-
    38  tial purposes or title thereto is transferred to other than the heirs or
    39  distributees    of  the  owner,  the  exemption granted pursuant to this
    40  section shall cease.
    41    7. (a)  A  county,  city, town or village may, by its  local  law,  or
    42  school district, by its resolution may:
    43    (i)  reduce the per centum of exemption otherwise allowed  pursuant to
    44  this section; or
    45    (ii)    limit  or  expand eligible improvements eligible for exemption
    46  pursuant to this section.
    47    (b)  No  such  local  law  or  resolution  shall  reduce  or repeal an
    48  exemption granted pursuant to this section until the expiration  of  the
    49  period for which such exemption was granted.
    50    § 2. This act shall take effect immediately and shall apply to assess-
    51  ment  rolls based on taxable status dates  occurring  on  or  after such
    52  effective date.