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Sponsors
2 Co-sponsors
History
- Print number 5673a
- Amend and recommit to cities
- Referred to cities
- Referred to cities
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 N.Y. city to provide rebates of a portion of the real property taxes on owner occupied residential real property
In Assembly Committee · Real Property Taxation · Sponsor Michael Benedetto
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 rebates of real property taxes on certain residential real property in a city having a population of one million or more
Purpose or general idea of bill
Authorizes cities having a population of one million or more to provide rebates of a portion of the real property taxes on owner occupies residential real property.
Summary of specific provisions
Section 1 of the bill amends RPTL Section 467-e(1), as amended by chapter 483 of the laws of 2007, to authorize New York City to adopt a local law granting a rebate of $500 (or the annual real property tax liability imposed if less than $500) for eligible owner occupied residential real property in the city of New York for three fiscal years beginning with the fiscal year beginning on July 1, 2016. A similar rebate program with a maximum benefit of $400 was enacted in 2004 and renewed for 3 additional years in 2007.
Section 2 of the bill amends RPTL Section 467-e, as amended by chapter 60 of the laws of 2004 to provide that the federal adjusted gross income of the owner or owners, or the tenant-stockholder or tenant-stockholders of the subject residential real property may not exceed five hundred thousand dollars in the immediately preceding income tax year.
Section 3 of the bill amends RPTL Section 467-e(4) (a), as amended by chapter 483 of the laws of 2007, to provide that applications for the rebate for the fiscal years beginning on July 1, 2016, shall be filed by September 1, 2016 and no later than March 15 for the two subsequent fiscal years. Further, this section is amended to provide that homeowners receiving tax exemptions under RPTL sections 4.58 (Veterans), 4.58-a (Veterans; alternative exemption), 459-c (Persons with disabilities and limited incomes) or 467 (Persons sixty-five years of age or over) are not required to file separate applications to receive the rebate under section 467-e.
Section 4 provides the effective date.
Justification
In 2004, the City enacted a local law, with the State's authorization, creating a $400 real property tax rebate designed to provide property tax relief to the City's homeowners. The City's ability to provide this rebate was reauthorized in 2007 but lapsed in 2010. This legislation allows New York City to once again adopt a local law providing for a similar rebate, with a new maximum of $500, and restore a popular form of much-needed property tax relief for all eligible one, two and three-family home-owners and cooperative and condominium owners in New York City.
Prior legislative history
New bill.
Fiscal implications
None to the State.
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.