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.
STATE OF NEW YORK
________________________________________________________________________
4820
2019-2020 Regular Sessions
IN ASSEMBLY
February 5, 2019
___________
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.
LBD08701-01-9