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Sponsors
Senator · Senate District 43
No co-sponsors yet.
History
- Substituted by A8285
- Ordered to third reading cal.1400
- Committee discharged and committed to rules
- 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 True North Tyler Street, LLC to file an application for a real property tax exemption
Signed by Governor · Sponsor Ronald Canestrari
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5683
Title of bill
An act to authorize True North Tyler Street, LLC to file an application with the assessor of the city of Troy for a real property tax exemption
Purpose or general idea of bill
The bill authorizes the assessor of the City of Troy to accept a late application for a real property tax exemption for True North Tyler Street, LLC, for the 2011 assessment roll, and, if found eligible, to grant the exemption and refund any excess property taxes already paid.
Summary of specific provisions
Section 1 of the bill notwithstands any other provision of the law to the contrary to authorize the assessor of the city of Troy to accept from True North Tyler Street, LLC, an application for exemption from real property taxes for the assessment roll for the property located at 4 Tyler Street. If accepted, the application shall be reviewed as if it had been submitted and received on or before the taxable status date established for such roll. Section 2 is the effective date
Justification
Under current law, there is not authority for the assessor to accept and evaluate late applications for tax exemptions, even if the owner of a property is exempt under section 420-a of the real property tax law, article 78 of the civil practice law and rules and article 56 of the education law.
True North Tyler Street, LLC is a solely owned subsidiary of Uncommon School, Inc., a 501(c)(3) tax exempt organization. The LLC is a disregarded entity for tax purposed and carries the same federal tax identification number as Uncommon Schools, Inc. The LLC has received NYS sales and use tax exemptions as well. The LLC is the building owner of 4 Tyler Street, and is also the landlord for the Troy Prep Charter School, a tax exempt non-profit public charter school. Such schools are specifically exempt from real property taxes under Article 56 of the NYS Education law. The 4 Tyler Street property is currently undergoing renovation and will be opening in September, 2011 as the new location of the Troy Prep Charter School. The property was purchased in April, 2011, after the March 1, 2011 finalization of the 2011 tax rolls, thereby requiring legislation to allow for a late application to be filed.
Prior legislative history
New bill.
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.