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History
- Referred to veterans, homeland security and military affairs
- Referred to veterans, homeland security and military affairs
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 tax exemption for Cold War veterans and cooperative apartments and property held in trust for the benefit of a veteran
Purpose or general idea of bill
To provide an opportunity for municipalities to choose to offer increased property tax exemptions for veterans pursuant to section 458-b of the real property tax law and to also allow such veterans who reside in cooperative apartments to benefit from property tax exemptions when they are tenant stockholders of cooperative apartment corporations
Summary of specific provisions
Section one amends paragraph (g) of subdivision 1 of section 458-b of the real property tax law, as added by chapter 655 of the laws of 2007, by providing that the state board shall establish a special equalization rate if there has been a material change in the level of assessment since the establishment of the latest state equalization rate. Such special rate shall not exceed one hundred. Should the state equalization rate exceed one hundred, then it shall be one hundred for purposes of section 458-b. Section one further provides when and how the assessor is directed and authorized to recompute the Cold War veterans exemption on the final assessment roll, including those times when the assessor shall certify any recomputation to the local officers who have custody and control of such final assessment roll and provides when the local officers are directed and authorized to enter the certified recomputed Cold War veterans exemption on the final assessment roll.
Read the full memo (975 words)
Section two amends subdivisions 2, 3, 4, and 4a of section 458-b of the real property tax law. Subparagraph (iv) of paragraph (c) of subdivision 2 is amended by providing that each county, city, town or village may adopt a local law to reduce the maximum exemption allowable and provides the amounts by which such municipalities may reduce the exemption. Subparagraph (iv) also provides that each county, city, town or village may adopt a local law to increase the maximum exemption allowable and provides the amounts by which such municipalities may increase the exemption. Additionally, in cases where a county, city, town or village is a "high-appreciation municipality", each county, city, town or village may adopt a local law to increase the maximum exemption allowable and provides the amounts by which such municipalities may increase the exemption. A "high-appreciation municipality" is defined for purposes of subparagraph (iv). Section two also provides that subdivision 3 of section 458-b of the real property tax law shall be omitted, and subdivisions 4 and 4-a of section 458-b shall be numbered subdivisions 3 and 4, respectively.
Section three amends section 458-b of the real property tax law by adding three new subdivisions 6, 7 and 8. Subdivision 6 provides that all provisions of section 458-b of the real property tax law shall apply to real property that is held in trust solely for the benefit of a person or persons who would otherwise be eligible for a real property tax exemption pursuant to section 458-b of the real property tax law. Subdivision 7 provides that title to an apartment that is a portion of a cooperative apartment corporation (therefore, a co-op apartment) shall be vested in a person who is a tenant stockholder of such corporation when such person resides in such apartment. Such tenant-stockholder who qualifies for a real property tax exemption pursuant to section 458-b of the real property tax law shall have the amount of such exemption credited by the cooperative apartment corporation against the amount of taxes otherwise payable by or chargeable to such tenant-stockholder. Should a tenant-stockholder reside in a dwelling that is subject to the provisions of either article two, four, five or eleven of the private housing finance law such tenant-stockholder shall not be eligible for an exemption pursuant to section 458-b of the real property tax law. Real property owned by a cooperative corporation may be exempt from taxation pursuant to section 458-b of the real property tax law when, after a public hearing, a municipality in which such property is located adopts a local law, ordinance, or resolution that provides for such exemption. Subdivision 8 provides that nothing in section 458-b of the real property tax law shall change any other exemption or benefit available pursuant to the real property tax law.
Section four provides the effective date.
Justification
In 2007, and again in 2008, the real property tax law was amended to allow municipalities to choose to offer a property tax exemption to veterans who had served in the military, but who did not already qualify for the exemptions that a municipality could choose to offer pursuant to section 458-a of the real property tax law. Many local municipalities have requested an amendment to the law that would permit them to provide increased property tax exemptions to veterans. This legislation provides an opportunity for municipalities to choose to offer, pursuant to section 458-b of the real property tax law, tax exemptions equal to those currently available to veterans pursuant to section 458-a. Additionally, section 458-a currently allows municipalities to choose to offer property tax exemptions to veterans who reside in cooperative apartments when such apartment is a portion of real property that is owned by a cooperative apartment corporation and such veteran is a tenant-stockholder of such cooperation. Similarly, this legislation would allow veterans who otherwise qualify for property tax exemptions pursuant to 458-b, and who are tenant-stock holders who reside in cooperative apartments, to benefit from property tax exemptions too.
Prior legislative history
This is a new bill.
Fiscal implication
None to the state.
Effective date
January 2, 2010, and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after such date.
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