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History
- Referred to local government
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Increases partial real property tax exemption for residential improvements and an added exemption schedule for LEED certification standards for green buildings in certain cities
In Assembly Committee · Real Property Taxation · Sponsor Joan Christensen
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to increasing the partial real property tax exemption for residential improvements and an added exemption schedule for LEED certification standards for green buildings in certain cities
Purpose
To increase the residential improvement property tax exemption for the City of Syracuse and establish a property tax exemption for LEED certified buildings in the City of Syracuse.
Summary of provisions
Section 1 -- Amends subdivisions 1, 2 and 4 of Real Property Tax Law section 485-j.
Subdivision 1 is amended to apply this exemption to construction of improvements to residential real property initiated on or after January 1, 2010.
Subdivision 2 is amended to apply the one-hundred percent property tax exemption for a period of two years. Currently the 100% exemption applies for a period of one year. This subdivision is also amended to expand the exemption to a six year period. Currently the exemption applies to a five year period. Subdivision 2 is also amended to establish a property tax exemption for LEED certified -- or "green" -- residential real property.
Subdivision 4 establishes a procedure for receiving the LEED certification exemption.
Section 2 -- Effective date.
Justification
This legislation is being introduced at the request of the Syracuse Common Council and the Syracuse Department of Assessment. In 2006, the Governor signed into law a bill that would establish a property tax exemption for homeowners in the City of Syracuse who improve their property. This bill expands upon that law and establishes a new property tax exemption for LEED certified -- or "green" -- residential properties.
By enacting this bill into law, we can provide an important benefit to Syracuse homeowners and improve the quality-of-life in Syracuse's neighborhoods.
Legislative history
S.7814/A.10834 of 2008 (Passed Senate)
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.