What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Signed chap.441
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.213
- Substituted for A10375
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1330
Show 1 earlier action
- Referred to corporations, authorities and commissions
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 exempting the real property of a land bank from certain tax levies and special assessments
Assembly Floor Calendar · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the not-for-profit corporation law, in relation to exempting the real property of a land bank from certain tax levies and special assessments
Purpose
Exempts properties held by a land bank from ad valorem levies and special assessments.
Summary of provisions
Section 1: Amends § 1608 of the Not-For-Profit Corporation Law to exempt properties held by a land bank from all special ad valorem levies and special assessments.
Section 2: Establishes the effective date.
Existing law
Currently, land bank properties are exempt from real property taxes. However, they are not exempt from special ad valorem levies and special assessments.
Justification
Land banks have become a very valuable tool to assist municipalities in dealing with tax delinquent, abandoned, and blighted properties. Currently, land bank properties are exempt from real property taxes. However, they are not exempt from special ad valorem levies and special assessments. These special assessments can cost land banks with large inventories of properties hundreds of thousands of dollars per year, undercutting the purpose and goal of the land bank. Exempting, land banks from these assessments will allow them to devote more resources to their core mission of rehabilitating properties and neighborhoods, the mission that the municipalities that organized them share.
Legislative history
New bill
Fiscal implications
To be determined
Local fiscal implications
To be determined
Effective date
Immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.