What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
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.
Creates an exemption of capital improvements to multiple dwelling buildings in certain cities
In Assembly Committee · Real Property Taxation · Sponsor James Bacalles
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 exemption of capital improvements to multiple dwelling buildings in certain cities
Purpose
To authorize the cities of Elmira, Hornell and Corning to offer incentives to property owners to make capital improvements to existing buildings.
Summary of provisions
The bill authorizes the cities of Elmira, Hornell, and Corning, and at each cities' option, to offer a real property tax incentive for former multiple dwelling residences that are converted into single family residences or two unit residences. The exemption covers the inevitable rise of assessment values of such properties resulting from reconstruction, alteration, and improvements. The bill provides for an exemption of 50% of the assessed value of the property subsequent to the capital improvement for the first year. The exemption will then decrease 5% a year for 10 years.
Justification
When multiple dwelling residences are converted there is an inevitable rise in the assessment of the building. This legislation will allow for a tax exemption to be provided at each city's option to help ease the financial burden on the individual owner.
The legislation is designed to give an absentee owner of a multiple dwelling a monetary incentive to convert an investment property into an owner occupied home. The benefit to the municipality is a conversion of a transient neighborhood into a stabilized owner occupied community. Owner occupied neighborhoods tend to require less municipal services such as code enforcement, police enforcement, fire, EMT services and sanitation services.
For example, the City of Elmira alone has estimated that some 273 parcels with 1,359 units could be eligible to participate in the program. Of the 273 parcels, approximately 12% are owner occupied with 88% absentee ownership. Therefore legislation which encourages a reduction in density as well as owner occupancy is very attractive and could help change the face of these urban neighborhoods.
Legislative history
2005: Similar law passed for City of Albany, Chapter 397 of the laws of 2005 2006: S.7031/A.10423 - passed senate/referred to corporations 2007: S.4325/A.7590 - passed senate/referred to real property taxation 2008: S.4325/A.7590 - passed senate/held for consideration in real property taxation
Fiscal implications
None to State.
Local fiscal implications
Undetermined, dependent upon utilization.
Effective date
January next succeeding enactment.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.