Establishes a property tax exemption in the city of Syracuse for the rehabilitation of vacant residential structures

BILL NUMBER:S4022

Title of bill

An act to amend the real property tax law, in relation to establishing a new residential property exemption in certain cities; and to repeal section 485-m of the real property tax law relating thereto

Purpose or general idea of bill

To re-establish a property tax exemption in the City of Syracuse for the rehabilitation of vacant residential structures.

Summary of specific provisions

Section 1 -- Adds a new section 485-o to the Real Property Tax Law. This new section establishes a residential property tax exemption for the rehabilitation of vacant residential structures.

Section 485-o (1) states that this applies to properties in the City of Syracuse.

Section 485-o (2) (a) (i) establishes the exemptions allowed for the rehabilitation of vacant residential structures.

Section 485-o (2) (a)(ii) establishes an application procedure for the exemption.

Section 485-o (2) (a) (iii) defines what vacant properties are eligible for the exemption.

Section 485-o (2)(a)(iv) states what new properties are eligible for the exemption.

Section 485-o (2) (a) (v) (A) and (5) establishes a procedure for a LEED certification exemption.

Section 485-o (2)(a) (iv) states that exemptions shall apply to property taxes imposed for city and school district purposes.

Section 485-o (2) (b) states that exemptions will only be granted:

-for new structures when construction for the new structure commenced on or after January 1, 2013;

-the structure is in the City of Syracuse;

-the value of the construction exceeds $20,000 and

-documentation exists for each construction.

Section 485-o (3) establishes an exemption application procedure.

Section 485-o (4) states when an assessor must grant an exemption

Section 485-o (5) states that the exemption shall cease for a property when the property no longer continues to be used primarily for residential purposes.

Section 485-o (6) allows the City of Syracuse to adopt the property tax exemption that is established by RPT Law section 485-o.

Section 2 -- Effective date.

Justification

This legislation, which is being introduced at the request of the Syracuse Common Council and the Syracuse Department of Assessment, seeks to alleviate the problem of vacant homes in the City of Syracuse by offering a property tax exemption for those who rehabilitate certain vacant homes by extending Chapter 370 of the laws of 2008. Additionally, this legislation offers another exemption for residential structures that have been rehabilitated to be environmentally friendly and meet LEED standards. if extended, this proposal will provide tremendous assistance to the City of Syracuse's efforts to reduce the number of vacant homes within the city. To date approximately 120 homeowners in the City of Syracuse have taken advantage of this program.

Prior legislative history

New Bill, renewing chapter 370 of the laws of 2008 FISCAL IMPLICATIONS: None.

Effective date

Immediately, Retroactive to January 1, 2013.