New York State Assembly

Bill No.:  

 
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A04693 Summary:

BILL NO	A04693
SAME AS	No Same As
SPONSOR	Smullen
COSPNSR
MLTSPNSR
Amd 425, RPT L
Permits a STAR exemption for property owned by a limited liability company where the limited liability company is owned by a person to whom the exemption would have otherwise been granted.

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A04693 Actions:

BILL NO	A04693
02/22/2023	referred to real property taxation
01/03/2024	referred to real property taxation

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A04693 Committee Votes:

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A04693 Floor Votes:

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A04693 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          4693
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 22, 2023
                                       ___________
 
        Introduced  by M. of A. SMULLEN -- read once and referred to the Commit-
          tee on Real Property Taxation
 
        AN ACT to amend the real property tax law, in relation to a real proper-
          ty tax exemption for property owned by a limited liability company
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 3 of section 425 of the real property tax law
     2  is amended by adding a new paragraph (e-1) to read as follows:
     3    (e-1) Dwellings owned by a limited liability company. If  legal  title
     4  to  a  dwelling  is  held  by a limited liability company, the exemption
     5  shall be granted if the property serves as the primary residence of  one
     6  or  more  of the members of the limited liability company, provided that
     7  the member or members who primarily reside thereon personally pay all of
     8  the real property taxes and other costs associated with  the  property's
     9  ownership.
    10    § 2. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09602-01-3

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