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Sponsors
Senator · Senate District 59
No co-sponsors yet.
History
- Substituted by A8173B
- Amended on third reading (t) 5557b
- Vote reconsidered - restored to third reading
- Returned to senate
- Recalled from assembly
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 59–0
- Amended on third reading 5557a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.168
Show 2 earlier actions
- 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.
Authorizes certain municipalities to approve a partial tax exemption for reconstruction, alterations or improvements to qualified residential structures
Signed by Governor · Sponsor Kevin Smardz
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5557B
Title of bill
An act to amend the real property tax law, in relation to a partial tax exemption for reconstruction, alterations or improvements to qualified residential structures in certain municipalities
Purpose
To allow the Town of Evans in Erie County to implement a residential property tax abatement program.
Summary of provisions
Section 1. Authorizes the Town of Evans to enact a partial residential tax abatement for the improvement or modification of one to three family homes that raise said home's assessed value by at least $10,000. In the first year of the program, 50% of the assessed value is abated, to a maximum of $150,000. This abatement is decreased by 10% each year i.e. only 40% of the increased assessed value is abated in the second year, etc.
Section 2. Enacting clause.
Justification
In January 2007, the Town of Evans Economic Development Committee formed a Subcommittee that identified the implementation of a temporary residential tax abatement program as a critical first step in spurring economic development throughout the Town.
This new program is expected to improve and maintain quality housing stock, encourage renovation, rehabilitation or replacement of residential property, increase owner occupied dwellings, counter blight, improve the town's tax base, and improve the quality of life for neighborhood residents.
The Town of Evans, The Village of Angola, and the Board of Education for the Evans Brant Central School District have passed Home Rule resolutions requesting authorization to implement the proposed residential investment exemption.
Legislative history
New bill.
Fiscal implications
None to the state.
Local fiscal implications
With the growth of modifications, expansions and renovations to existing houses in the Town of Evans, the partial tax abatement this legislation provides will lead to a growth in revenues.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.