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History
- Signed chap.279
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.506
- Substituted for A10496B
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 62–0
- Ordered to third reading cal.1834
- Committee discharged and committed to rules
- Print number 7965b
Show 4 earlier actions
- Amend and recommit to housing, construction and community development
- Print number 7965a
- Amend 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
Assembly Floor Calendar · Sponsor Bill Nojay
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
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 extend to cities with a population of more than eight thousand inhabitants and fewer than nine thousand inhabitants the authority to pass a local law to provide a real property tax exemption program that exempts from taxation the additional valuation for renovation, reconstruction and rehabilitation to 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 Howell's option, to pass a local law authorizing a 12-year real property tax partial exemption program for single and multiple dwelling residences that are renovated, reconstructed, and rehabilitated, provided the cost of such capital improvements exceeds $5,000. In order to qualify these capital improvements must be part of a plan to subsequently convert these properties back to single family units. The exemption covers the increase in assessment value of such properties resulting from reconstruction, rehabilitation 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.
Justification
This legislation will allow for the city of Hornell, Steuben County, at their option, to initiate a limited, multi-year property tax exemption program to provide an incentive to property owners who wish to rehabilitate portions of the city's housing stock, 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 partial real property 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 provide an incentive to help ease the financial burden on individuals who are interesting in rehabilitating and converting these residential units within the city.
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.