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History
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1187
- 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 a rebate 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 a rebate 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 New York City to provide a rebate of a portion of the real property taxes on owner occupied residential real property.
Summary of specific provisions
Section 1 - Amends heading of section 467-e of the real property tax law, as added by section 1 of part V of chapter 60 of the laws of 2004.
Section 2 - Amends Subdivision 1 of section 467-e of the real property tax law, as amended by chapter 483 of the laws of 2007.
Section 3 - Amends subparagraph 1 of paragraph a of subdivision 467-e of the real property tax law, as added by section 1 of part V of chapter 60 of the laws of 2004.
Section 4 - Amends paragraph c of subdivision 3 of section 467-e of the real property tax law, as added by section 1 part V of chapter 60 of the laws of 2004.
Section 5 - Amends paragraph a of subdivision 4 of section 467-e of the real property tax law, as amended by 483 of the laws of 2007.
Section 6 - Is the effective date.
Justification
The city has enjoyed four consecutive fiscal years of budget surpluses, including a projected $2.5 billion this current year and $3 billion the previous fiscal year. The city should also share some of this prosperity with the hard-working families who have helped to make it possible. A tax rebate will provide much-needed relief to those homeowners struggling to pay bills, including seniors on fixed incomes, and could also provide a boost to the local economy. And because we know economic conditions often change, we feel it is imperative to provide this one-time relief while we have the funds to do so.
Prior legislative history
New bill.
Fiscal implications
Savings to property taxpayers.
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.