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Sponsors
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History
- Substituted by A10214D
- Advanced to third reading
- Amended 7847c
- 2nd report cal.
- Amended 7847b
- 1st report cal.1361
- Print number 7847a
- Amend (t) and recommit to housing, construction and community development
- Referred to housing, construction and community development
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.
Relates to an exemption of capital improvements to multiple dwelling buildings within certain cities
Signed by Governor · Sponsor Philip Palmesano
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 an exemption of capital improvements to multiple dwelling buildings within certain cities
Purpose or general idea of bill
To provide cities with a population of more than ten-thousand inhabitants and fewer than twelve thousand inhabitants the authority to pass a local law authorizing a real property tax exemption program that exempts from taxation the additional valuation for capital improvements to certain residential single and multi-family properties for conversion back to single family units.
Summary of specific provisions
Amends the real property tax law by adding a new section 421-o. This legislation would authorize, at the city of Coming's option, to pass a local resolution authorizing a 12-year real property tax exemption program for single and multiple dwelling residences that are renovated, reconstructed and given general improvements and subsequently converted back to single family units. The exemption covers the increase in assessment value of such properties resulting from reconstruction, alteration, and improvements. The dollar increase in assessed value in the initial year shall be referred to as an "exemption base." Qualifying residential units will be entitled to a 100% tax exemption for the value of such improvements one year after the assessment increase, and the exemption shall decrease by 8.3% of the original "exemption base" over the subsequent 11 years. The criteria for eligibility pertaining to the nature of the reconstruction, alteration, and improvements are contained within the provisions of the bill.
Justification
This legislation will allow for the city of Corning, at their option, to embark upon an organized effort to rehabilitate portions of the city where certain single and multi-family residential dwellings have fallen into disrepair. This program will provide property owners who renovate, rehabilitate and make improvements to these properties a 12-year tax exemption from the increased assessed value of these improvements, with such exemption tapering off for a period of 12 years subsequent to obtaining approval by the city. This will help ease the financial burden on individuals who are interesting in rehabilitating these residential units within the city, thus helping contribute to a broader series of efforts the city has embarked upon to revitalize the area. In particular, many multi-family residential units end up with major wear and tear, and are therefore in need of substantial rehabilitation.
Prior legislative history
This is a new bill.
Fiscal implications for state and local governments
None.
Effective date
This act shall take effect on the first of January next succeeding the date this bill shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.