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Sponsors
No co-sponsors yet.
History
- Referred to aging
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6245
Title of bill
An act to amend the real property tax law, in relation to certain calcu- lations for enhanced STAR
Purpose
This bill will require home owners, who do not qualify for an enhanced STAR exemption, and buy property from an qualified enhanced STAR indi- vidual to pay back, pro-rata, the exemption they are not qualified for.
Summary of provisions
Section 1. Provides that if a parcel of real property with the enhanced STAR exemption is sold to a purchaser who is not entitled to such exemption, the purchaser must pay the pro-rated portion of the exemption that is due back to the municipality.
Justification
The municipalities provide qualified seniors with an Enhanced STAR exemption from real property taxes, however, when a non-qualified purchaser buys the parcel of land from the qualified senior they are reaping benefit they are not qualified for. In order to make the munici- pality whole this benefit should be returned to the municipality at a pro-rata rate. This is already being done for the basic STAR exemption.
Legislative history
New bill.
Fiscal implications
Needs to be determined.
Effective date
Shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.