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Sponsors
1 Co-sponsor
History
- Print number 7942a
- Amend (t) 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.
Relates to a residential revaluation exemption
In Senate Committee · Rules · Sponsor Sandy Galef
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 residential revaluation exemption
Purpose or general idea of bill
The purpose of this legislation is to soften the effects of a reassessment by authorizing a two-year phase-in of assessment increases for certain residential properties.
Summary of specific provisions
Section 1. A new section § 485-s is added to the Real Property Tax Law. § 485-s. Residential Revaluation Exemption. 1. Applicability. The governing body of an assessing unit within a county with a population of not less than 930,000 and not more than 1,200,000 based upon the latest decennial census, may, after the a public hearing, to adopt a residential revaluation exemption. After such adoption by the assessing unit, the exemption would also apply in the same manner and to the same extent to each village, county, special district or school district that levies taxes on the assessment roll prepared by such assessing unit. 2. Eligibility. To qualify for the exemption a property must be a one, two, or three family residential property, provided that in an approved assessing unit dwelling units held in condominium form of ownership that are classified in the homestead tax class would also be eligible. The property also must be eligible to receive the STAR exemption or the owner or owners must be eligible to receive the personal income tax school tax relief (STAR) credit for the property. The property must also have a Certificate of Occupancy or a temporary Certificate of Occupancy and must not have any delinquent taxes. By local law, the assessing unit may exclude eligibility to properties with outstanding code violations. Additionally, the assessing unit may by local law, limit the exemption to properties that experience an increase in assessed value that exceeds a set value threshold. The exemption would be for a period of two years to the extent of 66% of the amount by which the revaluation assessed value exceeds the prior year's equalized assessed value in the first year of the revaluation, and 33% of such amount in the second year. The exemption would not apply to any increase in the assessed value of a property due to physical improvements or the removal or reduction of an exemption on the property. Also, the exemption would be granted only upon application by the owner or owners of the property. In the event that the property transfers ownership or otherwise ceases to meet the eligibility requirements, the exemption would be discontinued.
Read the full memo (678 words)
Section 2. Establishes special provisions for assessing units that adopt the provisions for the 2016 assessment roll due to the fact that such assessing units will need to implement the exemption later in the assessment cycle than is authorized by State and local law.
Section 3. Establishes the effective date.
Justification
Currently, in New York State, assessing units are not required to conduct cyclical reassessments. As a result, reassessment activity is very inconsistent across the State. Some assessing units conduct reassessments annually, while others have not reassessed since the early part of the 20th century. Generally, the more time that passes between reassessment, the more inequitable the assessments become, causing some taxpayers to pay too much in taxes, and others pay too little. One challenge that a municipality must overcome when deciding to undertake a reassessment, is the fact that for some taxpayers a reassessment will result in a sudden increase in property taxes. Although these increases may be in the interest of fairness, they can be jarring, especially for homeowners. This legislation gives a community the option to briefly phase-in the increased assessments that some residents will experience due to this process. New York State encourages reassessment, and this legislation will help make it easier for communities to take the important step of conducting reassessments, while allowing some residents to prepare financially for increased tax liabilities.
Prior legislative history
This is new legislation.
Fiscal implications
There are no fiscal implications to the State.
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.