What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to aging
- Referred to aging
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S1746
Title of bill
An act to amend the real property tax law, in relation to certain calculations for enhanced STAR
Purpose
This bill will require home owners who do not qualify for the enhanced STAR exemption, and who purchase property from an qualified enhanced STAR individual, to pay back the pro-rata share of the exemption they are not qualified for.
Summary of provisions
Section 1. Amends subdivision 9-b of section 425 of the real property tax law to provide that if a parcel of real property currently receiving 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.
Section 2. Effective date.
Justification
Qualified seniors in New York receive the Enhanced STAR exemption, providing them with significant real property tax savings. However, when a non-qualified individual purchases real property from a senior who is receiving Enhanced STAR, they are reaping a benefit they are not qualified for. In order to make the municipality whole, this benefit should be returned to the municipality, at a pro-rata rate, by a purchaser who does not qualify for this benefit. This is already being done with the basic STAR exemption.
Legislative history
2013-14: S.2196 - Finance Committee 2012:S.6245 - Aging Committee
Fiscal implications
To be determined.
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.