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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to judiciary
- Referred to judiciary
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 law, in relation to requiring registrars of title to real property to provide written notice to the assessor of the local assessing unit upon the death of the registered owner of real property
Purpose
To require the registrar of title to real property to provide notice of the change of ownership of property upon the death of the registered owner.
Summary of provisions
Section one of the bill amends section 423 of the Real Property Law to require that a remainderman of a life estate provide notice to the title registrar of the death of the life estate holder in the form of a petition requesting transfer of title into the name of the remainderman. It also requires the registrar to notify the assessor of the local assessing unit within 10 business days of the change in ownership.
Existing law
Under current law, there is no requirement that a remainderman of a life estate notify the registrar of title of a change in ownership.
Justification
In some cases, remaindermen of life estates fail to notify the local registrar of title and the local assessing unit of the death of the life estate holder while continuing to receive benefits exclusive to the life estate holder. This lack of notice creates a windfall for the remainderman at the expense of other property tax payers. In one such case, a remainderman failed to notify the registrar of title and tax assessor that the life estate holder died. The remainderman continued, for a ten year period, to receive the benefit of the life estate holders Disabled Veteran's Exemption at a cost to local taxpayers of more than $10,000.00. It is the intention of this bill to prevent further abuses.
Legislative history
2008: S.7698 Referred to Judiciary
Local fiscal implications
Increase in local revenue.
Effective date
This act shall take effect on the first of January next succeeding the date on which it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.