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History
- 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.
Expands the residential-commercial exemption program to include any municipality regardless of the population of the county in which it is located
In Assembly Committee · Real Property Taxation · Sponsor Michelle Schimel
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7233
Title of bill
An act to amend the real property tax law, in relation to the residential-commercial exemption program
Purpose
Expands the residential-commercial exemption program statewide.
Summary of provisions
Section 1. The real property tax law is amended to remove the restriction that limits the residential-commercial exemption program's applicability to Livingston County.
Justification
New York's older communities are faced with thousands of properties in need of significant remediation and rehabilitation. The cost of such remediation and rehabilitation frequently exceeds the value of the property creating a situation where private sector financing will not loan money to undertake the remediation or rehabilitation. As a result, these properties will not be rehabilitated or redeveloped without addressing this gap in the private sector financing. This legislation will facilitate the redevelopment of New York's communities by allowing counties, towns, villages and school districts, to grant real property tax abatement in defined redevelopment areas.
Tax abatements are a proven technique for local governments to attract investors for revitalization. A tax abatement, which this bill would provide, is different than a strict tax exemption. A tax exemption takes away existing revenue generated by a property, while a tax abatement does not change existing tax payments. With tax abatements, governments agree to take less than 100% of new revenue generated through property investment, repair and renovation.
This legislation will provide a tool for local governments to improve their communities. The proposed tax abatement program will not impose a cost upon the state, and therefore should be considered by the Legislature as a no cost, mandate-free way to allow local governments across New York to invest in and attract outside investment to their communities.
Legislative history
This is a new bill.
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.