New York State Assembly

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 

S08095 Summary:

S08095 Actions:

S08095 Committee Votes:

S08095 Floor Votes:

S08095 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          8095
 
                    IN SENATE
 
                                      June 13, 2016
                                       ___________
 
        Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules
 
        AN ACT to amend the real property tax law, in relation to the  eligibil-
          ity for J-51 tax abatements to reflect cost of living adjustments
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Subdivision 17 of section 489 of the real property tax law,
     2  as added by chapter 4 of the  laws  of  2013,  is  amended  to  read  as
     3  follows:
     4    17.  (a)  For  purposes of this subdivision, "substantial governmental
     5  assistance" shall mean:
     6    (i) grants, loans or subsidies from any federal, state or local agency
     7  or instrumentality in furtherance of a program for  the  development  of
     8  affordable  housing  approved  by  the  local housing agency, including,
     9  without limitation, financing or insurance provided by the state of  New
    10  York mortgage agency of the New York city residential mortgage insurance
    11  corporation; or
    12    (ii)  a  written  agreement  between a housing development fund corpo-
    13  ration and the local housing agency  limiting  the  incomes  of  persons
    14  entitled to purchase shares or rent housing accommodations therein.
    15    (b) Any local law or ordinance providing for benefits pursuant to this
    16  section  must  also  provide  the following with respect to conversions,
    17  alterations or improvements completed on or after December thirty-first,
    18  two thousand eleven:
    19    (i) except as otherwise provided  in  this  section  with  respect  to
    20  multiple  dwellings,  buildings and structures owned and operated either
    21  by limited-profit housing companies established pursuant to article  two
    22  of  the  private  housing  finance law or redevelopment companies estab-
    23  lished pursuant to article five of the private housing finance  law,  or
    24  with  respect  to  a group of multiple dwellings that was developed as a
    25  planned community  and  that  is  owned  as  two  separate  condominiums
    26  containing  a total of ten thousand or more dwelling units, any multiple
    27  dwelling, building or structure that is owned  as  a  cooperative  or  a
    28  condominium  that  has  an  average  assessed  value [of thirty thousand

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15825-02-6
        S. 8095                             2

     1  dollars or more] per dwelling unit that exceeds the  assessed  valuation
     2  limitation  as  provided in paragraph (c) of this subdivision shall only
     3  be eligible for such benefits if the  alterations  or  improvements  for
     4  which  such multiple dwelling, building or structure has applied for the
     5  benefits pursuant to this section  were  carried  out  with  substantial
     6  governmental assistance; and
     7    (ii)  no  benefits  pursuant  to this section shall be granted for the
     8  conversion of any non-residential building or structure into a  class  A
     9  multiple  dwelling  unless such conversion was carried out with substan-
    10  tial governmental assistance.
    11    (c) Assessed value limitation. (i) For final assessment  rolls  to  be
    12  completed prior to two thousand seventeen, the assessed value limitation
    13  shall be thirty thousand dollars.
    14    (ii)  For  the  final  assessment roll to be completed in two thousand
    15  seventeen the assessed value limitation  shall  be  thirty-two  thousand
    16  dollars  increased  by  the  cost-of-living adjustment percentage of two
    17  thousand seventeen.  For the purposes of this computation, the  cost-of-
    18  living adjustment percentage of two thousand seventeen shall be equal to
    19  the  "applicable  increase percentage" used by the United States commis-
    20  sioner of social security to determine the monthly social security bene-
    21  fits payable in two thousand seventeen to individuals,  as  provided  by
    22  subsection (i) of section four hundred fifteen of title forty-two of the
    23  United States code.
    24    (iii) For final assessment rolls to be completed in each ensuing year,
    25  the  applicable  assessed  value  limitation,  cost-of-living adjustment
    26  percentage and applicable increase percentage shall all be  advanced  by
    27  one  year, and the assessed valuation limitation shall be the previously
    28  applicable assessed value limitation increased by the new cost-of-living
    29  adjustment percentage. If there should be a year for which there  is  no
    30  applicable  increase  percentage  due  to  a general benefit increase as
    31  defined by subdivision three of subsection (i) of section  four  hundred
    32  fifteen  of  title  forty-two  of the United States code, the applicable
    33  increase percentage for purposes of this computation shall be deemed  to
    34  be  the  percentage  which  would  have  yielded  that  general  benefit
    35  increase.
    36    (iv) Notwithstanding anything to the contrary  contained  herein,  the
    37  assessed value limitation shall not at any time exceed thirty-five thou-
    38  sand dollars.
    39    § 2. This act shall take effect immediately.