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.
STATE OF NEW YORK
________________________________________________________________________
384
2019-2020 Regular Sessions
IN ASSEMBLY(Prefiled)
January 9, 2019
___________
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 exemptionExemption
20 125%
21 220%
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00547-01-9
A. 384 2
1 315%
2 410%
3 55%
4 (ii) Such exemption shall apply solely to the increase in assessed
5 value thereof attributable to the construction of the single-family and
6 multi-family residential property.
7 (b) No such exemption shall be granted unless:
8 (i) Such construction occurred on vacant, predominantly vacant or
9 under-utilized land; and
10 (ii) Such construction commenced on or after the effective date of the
11 local law described in subdivision one of this section, but no later
12 than five years after the effective date of this section.
13 3. Application for exemption under this section shall be made on a
14 form prescribed by the commissioner and filed with such assessor on or
15 before the applicable taxable status date and within one year from the
16 date of completion of such construction.
17 4. If such assessor is satisfied that the applicant is entitled to an
18 exemption pursuant to this section, he or she shall approve the applica-
19 tion and such real property shall thereafter be exempt from taxation as
20 provided in this section commencing with the assessment roll prepared
21 after the taxable status date referred to in subdivision three of this
22 section. The assessed value of any exemption granted pursuant to this
23 section shall be entered by the assessor on the assessment roll with the
24 taxable property, with the amount of the exemption shown in a separate
25 column.
26 5. The provisions of this section shall apply to real property used as
27 the primary residence of the owner.
28 6. A local law adopted pursuant to this section may be repealed by the
29 governing body of the applicable village. In the event of such a repeal,
30 the exemption granted pursuant to this section shall cease.
31 § 2. This act shall take effect immediately; provided, however, that
32 this act shall expire and be deemed repealed ten years after it shall
33 have become a law.
