Allows certain villages to enact a tax exemption for newly constructed 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
________________________________________________________________________
5987--C
2021-2022 Regular Sessions
IN ASSEMBLY
March 4, 2021
___________
Introduced by M. of A. STIRPE, HYNDMAN, DICKENS, BRABENEC, COOK,
J. RIVERA -- Multi-Sponsored by -- M. of A. DeSTEFANO, THIELE -- read
once and referred to the Committee on Real Property Taxation -- recom-
mitted 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 -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- again reported from said committee with amend-
ments, ordered reprinted as amended and recommitted to said committee
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-w to read as follows:
3 § 485-w. 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 six hundred fifty and less than three thousand six hundred sixty,
10 based upon the latest federal decennial 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.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07225-08-2
A. 5987--C 2
1 2. (a)(i) Eligible newly constructed single-family and multi-family
2 residential property shall be exempt according to the following sched-
3 ule:
4 CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY
5 Year of exemptionExemption
6 125%
7 220%
8 315%
9 410%
10 55%
11 (ii) Such exemption shall apply solely to the increase in assessed
12 value thereof attributable to the construction of the single-family and
13 multi-family residential property.
14 (b) No such exemption shall be granted unless:
15 (i) Such construction occurred on vacant, predominantly vacant or
16 under-utilized land; and
17 (ii) Such construction commenced on or after the effective date of the
18 local law described in subdivision one of this section, but no later
19 than five years after the effective date of this section.
20 3. Application for exemption under this section shall be made on a
21 form prescribed by the commissioner and filed with such assessor on or
22 before the applicable taxable status date and within one year from the
23 date of completion of such construction.
24 4. If such assessor is satisfied that the applicant is entitled to an
25 exemption pursuant to this section, he or she shall approve the applica-
26 tion and such real property shall thereafter be exempt from taxation as
27 provided in this section commencing with the assessment roll prepared
28 after the taxable status date referred to in subdivision three of this
29 section. The assessed value of any exemption granted pursuant to this
30 section shall be entered by the assessor on the assessment roll with the
31 taxable property, with the amount of the exemption shown in a separate
32 column.
33 5. The provisions of this section shall apply to real property used as
34 the primary residence of the owner.
35 6. A village with a population greater than three thousand six hundred
36 fifty and less than three thousand six hundred sixty, based upon the
37 latest federal decennial census may, by local law, establish a date for
38 the commencement of effectiveness of the exemption offered pursuant to
39 this section and may provide that such amount calculated pursuant to
40 subparagraph (ii) of paragraph (a) of subdivision two of this section
41 shall not exceed three hundred seventy-five thousand dollars per proper-
42 ty.
43 7. A local law adopted pursuant to this section may be repealed by the
44 governing body of the applicable village. In the event of such a repeal,
45 the exemption granted pursuant to this section shall cease.
46 § 2. This act shall take effect immediately; provided, however, that
47 this act shall expire and be deemed repealed ten years after it shall
48 have become a law.
