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Sponsors
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History
- Print number 7676a
- Amend (t) and recommit to rules
- Referred to rules
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 a tax exemption for a not-for-profit corporation used exclusively to provide housing for aged persons
In Assembly Committee · Real Property Taxation · Sponsor Kevin Cahill
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7676A
Title of bill
An act to amend the real property tax law, in relation to authorizing a tax exemption for a not-for-profit corporation used exclusively to provide housing for aged persons of low, moderate or middle income in cities with a certain population; and providing for the repeal of such provisions upon expiration thereof
Purpose
Authorizes the legislative body of certain cities or counties to exempt assisted living facilities within their borders from real property taxes for any given tax roll year.
Summary of provisions
Section 1: In a city with a population between 23,800 and 24,000 according to the 2010 census, a locality such as a city councilor county legislature may be authorized through an affirmative vote of a majority of such councilor legislature to exempt from real property tax for the assessment roll for each individual assessment year any real property owned by a not-for-profit corporation organized pursuant to the not-for-profit corporation law and the provisions of article two of the private housing finance law, used exclusively to provide housing for aged persons of low, moderate, or middle income.
Section 2: An affirmative vote by a locality to exempt a not-for-profit corporation from real property tax for any assessment year shall be accepted by the county or city assessor.
Justification
Assisted living permits seniors to remain in a homelike setting characterized by a mixture of independence with assistance. However, the costs associated with assisted living make it available to only a small percentage of the senior population. The high cost of land acquisition and construction, as well as the cost of providing services associated with assisted living, put assisted living beyond the financial reach of most seniors. The challenge to building affordable assisted living facilities is to maximize and utilize all methods of keeping the costs as low as possible. One of the key ways to keep the costs down is through various real estate tax exemptions, such as this one.
This bill would allow certain localities to decide for themselves whether an assisted living facility within their community should be required to pay Real Property Taxes.
Legislative history
None.
Local fiscal implications
Decreased revenue to the locality from diminished property tax revenue
Effective date
This act shall have effect immediately and shall expire January 1,2023.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.