Creates the central Buffalo housing district

Title of bill

An act to amend the real property tax law, in relation to creating the central Buffalo housing district and allowing certain tax exemptions and abatements within such district

Purpose of bill

To provide a tax abatement for property owners, who invest in building or improving their residential or business property, within the Central Buffalo Housing District.

Summary of specific provisions

Section 1. The tax law is amended by adding a new section 421-k to read as follows:

Section 421-k. Assessment exemption for certain residential properties within the Buffalo development zone.

Section 1. 1. Provisions 2. Qualifications 3. No exemptions unless 4. Eligibility 5. Application 6. False Statements 7. Boundaries

Section 2. The real property tax law is amended by adding a new title 3-A to Article 4.

Section 3. Effective date.

Justification

The creation of this zone would offer homeowners and business owners tax incentives resulting from the construction or reconstruction of their property. This zone is primarily made up of neighborhoods that are experiencing difficult socio-economic conditions. This initiative is another step in the stabilization and revitalization of the City of Buffalo. While most housing incentives are designed for lower income residents, this is a tool to promote middle/upper income residents to stay or take up residence in Buffalo.

Prior legislative history

S.7168, 2002/2003; S.7340 and A.3409, 2003-2004

Fiscal implications

None.

Effective date

This act shall take effect 120 days after enactment, and shall apply to taxable dates beginning on or after January 1, 2007.