What's happening
This bill clarifies that certain residents of limited-profit housing in New York remain eligible for property tax exemptions.
Why it matters
Protects access to property tax exemptions for residents in limited-profit housing. This bill ensures that individuals living in Mitchell-Lama, HDFC, and other limited-profit housing are not unintentionally excluded from various property tax exemptions (for example, those for seniors, veterans, and persons with disabilities), preserving an important financial benefit for vulnerable residents.
Clarifies eligibility for tenant-stockholders in cooperative housing. By removing previous restrictions and ambiguous language, the bill makes clear that tenant-stockholders in eligible cooperatives (including those under Articles II, IV, V, or XI of the Private Housing Finance Law) can receive exemptions, reducing confusion for both residents and municipalities.
Prevents potential financial hardship and displacement. Without this clarification, some residents could lose exemptions and face higher housing costs, which could threaten housing stability for seniors, veterans, and others living on fixed incomes in subsidized developments.
Standardizes interpretation across New York State. The bill amends both state law and the New York City Administrative Code, ensuring consistent treatment of tax exemption eligibility for limited-profit housing residents regardless of locality, which helps avoid inequities and administrative disputes.
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
Veteran tenant-stockholders in regulated housing cooperatives
The bill would remove their exclusion from the alternative veterans property tax exemption in housing covered by articles II, IV, V or XI of the Private Housing Finance Law.
Senior tenant-stockholders
The bill would allow municipalities to extend the senior property tax exemption to qualifying residents of those developments who are eligible for rent increase exemptions.
Limited-profit housing companies and residents
The bill would clarify that section 33 of the Private Housing Finance Law cannot limit or impair tax exemption benefits available under the listed provisions of the Real Property Tax Law.
Municipal tax officials, including New York City administrators
The bill would change exemption eligibility rules for covered tenant-stockholders in state law and the New York City Administrative Code.
Headline styles
Protect Housing Tax Exemptions
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to housing, construction and community development
- Referred to housing, construction and community development
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3913
2019-2020 Regular Sessions
IN SENATE
February 21, 2019
Introduced by Sen. STAVISKY -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development
AN ACT to amend the private housing finance law, the real property tax law and the administrative code of the city of New York, in relation to limited-profit housing companies and tax exemptions
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 33 of the private housing finance law is amended by adding a new subdivision 7 to read as follows:
7. Nothing contained in this section shall be construed to limit or otherwise impair the benefits available to any company or resident eligible for exemption from taxation pursuant to sections four hundred twenty-five, four hundred fifty-eight, four hundred fifty-nine and four hundred sixty-seven of the real property tax law.
§ 2. Paragraph (c) of subdivision 6 of section 458-a of the real property tax law, as added by chapter 171 of the laws of 1997, is amended to read as follows:
(c) [Notwithstanding paragraph (b) of this subdivision, a] A tenantstockholder who resides in a dwelling that is subject to the provisions of either article two, four, five or eleven of the private housing finance law shall [not] be eligible for an exemption pursuant to this section.
§ 3. Paragraph (c) of subdivision 3-a of section 467 of the real property tax law, as amended by chapter 49 of the laws of 1996, is amended to read as follows:
(c) Real property may be exempt from taxation pursuant to this subdivision by a municipality in which such property is located only if the governing board of such municipality, after public hearing, adopts a local law, ordinance or resolution providing therefor. [Notwithstanding any provision of law to the contrary, any] Any local law, ordinance or
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01021-01-9
S. 3913 2
resolution adopted pursuant to this paragraph may provide, or be amended to provide, that a tenant-stockholder who resides in a dwelling which is subject to the provisions of either article two, four, five or eleven of the private housing finance law and who is eligible for a rent increase exemption pursuant to section four hundred sixty-seven-c of this title shall [not] be eligible for an exemption pursuant to this subdivision and that a tenant-stockholder who resides in a dwelling which is subject to the provisions of either article two, four, five or eleven of the private housing finance law and who is not eligible for a rent increase exemption pursuant to section four hundred sixty-seven-c of this title but who meets the requirements for eligibility for an exemption pursuant to this section shall be eligible for such exemption provided that such exemption shall be in an amount determined by multiplying the exemption otherwise allowable pursuant to this section by a fraction having a numerator equal to the amount of real property taxes or payments in lieu of taxes that were paid with respect to such dwelling and a denominator equal to the full amount of real property taxes that would have been owed with respect to such dwelling had it not been granted an exemption or abatement of real property taxes pursuant to any provision of law, provided, however, that any reduction in real property taxes received with respect to such dwelling pursuant to this section or section four hundred sixty-seven-c of this title shall not be considered in calculating such numerator. Any such local law, ordinance or resolution that so provides, or is amended to so provide, shall also provide that a tenant-stockholder who resides in a dwelling which was or continues to be subject to a mortgage insured or initially insured by the federal government pursuant to section two hundred thirteen of the National Housing Act, as amended, and who is eligible for both a rent increase exemption pursuant to section four hundred sixty-seven-c of this title and an exemption pursuant to this subdivision, may apply for and receive either a rent increase exemption pursuant to section four hundred sixty-seven-c of this title or an exemption pursuant to this subdivision, but not both.
§ 4. Paragraph (b) of subdivision 8 of section 11-245.4 of the administrative code of the city of New York, as added by local law number 13 of the city of New York for the year 1998, is amended to read as follows:
(b) [Notwithstanding any other provision of law, a] A tenant-stockholder who resides in a dwelling which is subject to the provisions of either article II, IV, V or XI of the private housing finance law shall [not] be eligible for an exemption pursuant to this subdivision.
§ 5. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the private housing finance law, the real property tax law and the administrative code of the city of New York, in relation to limited-profit housing companies and tax exemptions
Purpose or general idea of bill
To permit homeowner property tax exemptions for residents of limited- profit sharing housing companies who are paying into shelter rent programs.
Summary of specific provisions
Section one amends Section 33 of the private housing finance law, creat- ing a new subdivision 7 which prevents benefits from being either limit- ed or impaired to any eligible company or resident pursuant to sections four hundred twenty-five, four hundred fifty-eight, four hundred fifty- nine and four hundred sixty-seven of the real property tax law.
Section two amends paragraph c of subdivision 6 of section 458-to allow that a tenant-stockholder residing in a dwelling that is subject to the provisions of either article two, four, five or eleven of the private housing finance law shall be eligible for an exemption pursuant to this section.
Section three amends paragraph c of subdivision 3-a of section 467 of the real property tax law to add that any local law, ordinance or resol- ution adopted pursuant to this paragraph may provide that a tenant stockholder residing in a dwelling subject to provisions of either arti- cle two, four, five or eleven of the private housing finance law shall and who is also eligible for a rent increase exemption shall be eligible for an exemption.
Section four amends paragraph b of subdivision 8 of section 11-245.4 of the administrative code of New York to allow that a tenant-stockholder who resides in a dwelling which is subject to the provisions of either article two, four, five or eleven of the private housing finance law shall be eligible for an exemption pursuant to this subdivision.
Section five establishes that this act shall take effect immediately.
Justification
Property owners living in a dwelling that is subject to the provisions of a limited-profit housing company and are paying a sheltered rent are entitled to receive homeowner property tax exemptions, most notably Senior Citizen Homeowners' Exemption (SCHE). However, under current tax law, veterans and disabled homeowners who reside in these sheltered rent dwellings are not entitled to receive Veterans' Exemptions and Disabled Homeowners' Exemption (DHE) respectively. This bill would allow for them to receive these exemptions.
Legislative history
2018: S 5874 - referred to Housing, Construction and Community Develop- ment
Fiscal implications
To be determined.
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.