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Who cares
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Sponsors
No co-sponsors yet.
History
- Substituted by A9678B
- Amended on third reading (t) 7257a
- Advanced to third reading
- 2nd report cal.
- 1st report cal.829
- 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.
Provides for an exemption for certain real property in certain counties
Signed by Governor · Sponsor Barbara Lifton
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 providing a real property tax exemption for certain property in certain counties
Purpose
To grant a partial tax exemption for community land trust properties.
Summary of provisions
The bill amends real property tax law to authorize that the County of Tompkins, after public hearing and by local option of the legislature board, may grant a partial real property tax exemption for property that is located within the county and is subject to an initial regulatory agreement restricting the purchase of the property.
Existing law
None.
Justification
For community land trust property in the Tompkins County, resale value restrictions are in place to maintain affordable housing. Tompkins County passed resolution 2016-27 requesting this legislation to prevent the over-valuation of property based on assessments which do not consider limitations on resale value through the implementation of deed or ground lease restrictions. This bill will allow for the county to implement a property tax exemption to maintain a robust stock of affordable housing in the community.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately, and it shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.