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History
- Signed chap.495
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.357
- Substituted for A9845A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.832
Show 3 earlier actions
- Print number 7364a
- Amend and recommit to local government
- 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.
Authorizes the city of Binghamton to classify certain cooperative apartments as homestead properties
Assembly Floor Calendar · Sponsor Donna Lupardo
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to authorize the city of Binghamton to classify certain cooperative apartments as homestead properties
Purpose
This bill will allow the City of Binghamton to change the designation of two cooperative apartments from non-homestead to homestead properties.
Summary of provisions
Section 1 of the bill would amend the real property tax law by authorizing the Assessor of the City of Binghamton to transfer two properties in the City from the non-homestead tax levy to the homestead tax levy.
Section 2 is the effective date.
Justification
In 1993, the City of Binghamton adopted a local law adopting the provisions of the Real Property Tax Law, section 1903, concerning homestead base proportions. The homestead tax option allows for the locality to set two property tax rates, a lower rate for residential property owners (homestead) and a higher one for all other properties (non-homestead). Two cooperative apartments in the City at 5 Riverside Drive and 4 Oak Street are currently classified as non-homestead properties. Because of this, residents currently pay a higher tax rate than their neighbors, despite the buildings being residential properties.
By reclassifying these properties as homestead properties, residents will pay a reduced tax rate, in line with their neighbors. The reclassification will not result in a change in assessment value of the properties.
Legislative history
New bill.
Fiscal implications
None.
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.