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S326Senate2015-2016 SessionSame asA155

Requires financial institutions to notify property tax assessors when they take possession of real property receiving a STAR exemption

Sponsor Kenneth P. LaValleSD-1+3 co-sponsorsAffects Local Government
Status
In Senate Committee
Local Government
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Local Government

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Who cares

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Sponsors

Primary sponsor
Kenneth P. LaValle

Senator · Senate District 1

Chair, Higher Education

History

  1. Print number 326a
  2. Amend and recommit to local government
  3. Referred to local government
  4. Returned to senate
  5. Died in assembly
  6. Referred to real property taxation
  7. Delivered to assembly
  8. Passed senateVote 61–1
  9. Advanced to third reading
  10. 2nd report cal.
  11. 1st report cal.555
  12. Reported and committed to finance
Show 1 earlier action
  1. 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.

A155Assembly

Requires financial institutions to notify property tax assessors when they take possession of real property receiving a STAR exemption

In Assembly Committee · Real Property Taxation · Sponsor Fred Thiele

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

Title of bill

An act to amend the real property tax law, in relation to school tax relief (STAR) exemptions

Purpose

To provide that financial institutions who take possession of residential properties notify the local assessor within thirty days in order that STAR exemption on the property may be terminated and provide for a civil penalty for failure to make timely notification.

Summary of provisions

Section 1. Adds a new subdivision 16 to section 425 of the Real Property Tax Law to provide that whenever a financial institution takes possession of real property that would qualify for the STAR exemption, that the institution, within thirty days of taking possession, must notify the local assessor or other person having custody of the assessment roll. The exemption shall be immediately discontinued. Failure to make such notification shall be subject to a $5,000 civil fine.

Justification

When residential properties are abandoned by the individuals who claimed a STAR exemption, the exemption should cease. It has been reported that this is not the case in situations where financial institutions who have mortgage interests take over the possession of properties. This legislation would require those institutions to notify the property locality that the individual who qualified for the exemption was no longer at that address so the exemption could be extinguished and the proper school tax will be paid.

Legislative history

2014 S.7485/A.9675.

Fiscal implications

None to the State.

Effective date

Thirtieth day after is shall have become law.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.