New York State Assembly

 
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A05898 Summary:

A05898 Actions:

A05898 Committee Votes:

Committee:WAYS AND MEANS   Chair:Weinstein      
DATE:06/09/2023AYE/NAY:33/0  Action: Favorable refer to committee Rules        
Weinstein
Aye
Ra
Aye
Glick
Aye
Fitzpatrick
Aye
Pretlow
Aye
Hawley
Aye
Colton
Aye
Blankenbush
Aye
Cook
Aye
Norris
Aye
Aubry
Aye
Brabenec
Aye
Benedetto
Aye
Palmesano
Aye
Weprin
Excused
Walsh
Aye
Ramos
Aye
DeStefano
Aye
Braunstein
Aye
Manktelow
Aye
McDonald
Aye
Smullen
Aye
Rozic
Excused
Dinowitz
Aye
Joyner
Aye
Magnarelli
Aye
Zebrowski
Aye
Bronson
Aye
Dilan
Aye
Seawright
Aye
Hyndman
Aye
Walker
Aye
Bichotte Hermel
Aye
Simon
Aye
Cruz
Aye

Committee:RULES   Chair:Pretlow      
DATE:06/10/2023AYE/NAY:25/0  Action: Favorable         
Heastie
Excused
Barclay
Aye
Weinstein
Aye
Hawley
Aye
Pretlow
Aye
Giglio
Aye
Cook
Aye
Blankenbush
Aye
Glick
Aye
Norris
Aye
Aubry
Aye
Ra
Aye
Dinowitz
Aye
Brabenec
Aye
Colton
Aye
Palmesano
Excused
Magnarelli
Aye
Reilly
Aye
Paulin
Excused
Peoples-Stokes
Aye
Benedetto
Aye
Lavine
Aye
Lupardo
Aye
Zebrowski
Aye
Thiele
Aye
Braunstein
Aye
Dickens
Aye
Davila
Excused
Hyndman
Aye
Rozic
Excused
Bronson
Excused

A05898 Floor Votes:

A05898 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5898--C
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 24, 2023
                                       ___________
 
        Introduced by M. of A. ANGELINO -- read once and referred to the Commit-
          tee  on  Real Property Taxation -- committee discharged, bill amended,
          ordered reprinted as amended and  recommitted  to  said  committee  --
          again  reported from said committee with amendments, ordered reprinted
          as amended and recommitted to said committee  --  recommitted  to  the
          Committee  on  Real Property Taxation in accordance with Assembly Rule
          3, sec. 2 -- 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 establishing a
          residential investment exemption in certain cities
 
          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-x to read as follows:
     3    §  485-x.  Vacant  residential  real  property  improvement exemption;
     4  certain cities. 1. Construction  of  improvements  to  residential  real
     5  property,  provided  that  such  real  property was vacant prior to such
     6  construction, initiated on or after January first, two thousand  twenty-
     7  five  in  a city with a population of not less than seven thousand fifty
     8  and not more than seven thousand sixty, determined  in  accordance  with
     9  the  two  thousand  twenty  census,  may be exempt from city taxation as
    10  provided in this section.
    11    2. (a)(i)  During the construction period, such real property shall be
    12  fully exempt from city taxation, up to a period of  eighteen  months  or
    13  until  a certificate of occupancy is issued, whichever is sooner, on all
    14  city taxation.  For the purposes of this section, the term "construction
    15  period" shall mean the period of time beginning on the  date  which  the
    16  actual construction of improvements to vacant residential real property,
    17  pursuant  to  subdivision  one  of this section, lawfully begins in good
    18  faith and ending on the date a certificate of occupancy has been issued.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09064-06-4
        A. 5898--C                          2
 
     1    (ii) (A) Upon the termination of  the  exemption  provided  for  under
     2  subparagraph  (i)  of this paragraph, such real property shall be exempt
     3  for a period of one year to the extent  of  eighty  per  centum  of  the
     4  assessed  value  thereof  and  for  an additional period of three years,
     5  provided,  however,  that the extent of such exemption shall decrease by
     6  twenty per centum each year during such additional period of three years
     7  and such exemption shall be computed  with  respect  to  the  "exemption
     8  base". For the purposes of this section, the term "exemption base" shall
     9  mean  the  assessed  value  as determined by the assessor in the initial
    10  year of such four-year period following the termination of the exemption
    11  provided for under subparagraph (i) of this paragraph.
    12    (B) The following table shall illustrate the computation of  the  city
    13  tax exemption:
    14       Year of exemption        Percentage of exemption
    15          1                            80
    16          2                            60
    17          3                            40
    18          4                            20
    19    (C)  Exemptions  granted  pursuant to this section shall apply to real
    20  property taxes imposed for city purposes.
    21    (b) No such exemption shall be granted unless: (i)  such  construction
    22  of  improvements was commenced on or after the first day of January, two
    23  thousand twenty-five or such later date as may  be  specified  by  local
    24  law;
    25    (ii)  the  residential real property is situate in a city with a popu-
    26  lation of not less than seven thousand fifty and  not  more  than  seven
    27  thousand  sixty,  determined  in accordance with the two thousand twenty
    28  census; and
    29    (iii) such  construction  is  documented  by  a  building  permit,  if
    30  required,  for  the  improvements, or other appropriate documentation as
    31  required by the assessor.
    32    3. Such exemption shall be granted only upon application by the  owner
    33  of  such  real  property  on a form prescribed by the commissioner. Such
    34  application shall be filed with the assessor of a city with a population
    35  of not less than seven thousand fifty and not more than  seven  thousand
    36  sixty,  determined in accordance with the two thousand twenty census, on
    37  or before the appropriate taxable status date of such  city  and  within
    38  one  year  from  the date of completion of such construction of improve-
    39  ments.
    40    4. If the assessor is satisfied that the applicant is entitled  to  an
    41  exemption  pursuant  to this section, they shall approve the application
    42  and such real property shall thereafter  be  exempt  from  taxation  and
    43  special  ad  valorem levies by a city with a population of not less than
    44  seven thousand fifty and not more than seven thousand sixty,  determined
    45  in  accordance  with the two thousand twenty census, as provided in this
    46  section commencing with the assessment roll prepared after  the  taxable
    47  status  date  referred  to  in  subdivision  three  of this section. The
    48  assessed value of any exemption granted pursuant to this  section  shall
    49  be entered by the assessor on the assessment roll with the taxable prop-
    50  erty, with the amount of the exemption shown in a separate column.
    51    5.  In  the  event that real property granted an exemption pursuant to
    52  this section ceases to be used  primarily  for  eligible  purposes,  the
    53  exemption granted pursuant to this section shall cease.
    54    6.  A city with a population of not less than seven thousand fifty and
    55  not more than seven thousand sixty, determined in  accordance  with  the
    56  two  thousand twenty census, may, by local law, establish a date for the
        A. 5898--C                          3
 
     1  commencement of effectiveness of the exemption offered pursuant to  this
     2  section.  A  copy of all such local laws shall be filed with the commis-
     3  sioner and the assessor of the city.
     4    § 2. This act shall take effect immediately.