What's happening
This bill allows Top Community Development Corporation to apply retroactively for a property tax exemption for specific Brooklyn parcels.
Why it matters
Allows a nonprofit (Top Community Development Corporation) to retroactively apply for a tax exemption it missed due to timing. , which could set a precedent for other organizations seeking similar relief when deadlines are missed.
Provides the possibility of a refund for property taxes already paid (including amounts held in escrow) if the exemption is granted. , potentially freeing up financial resources for the organization’s community development work.
Requires both city finance commissioner review and city council approval. , meaning the decision involves multiple layers of local government oversight, reflecting checks and balances in granting exemptions outside normal procedures.
Targets specific Brooklyn properties, possibly impacting local tax revenue and neighborhood development. , which could be important to adjacent property owners, local services, and community planning efforts.
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
Allow Tax Exemption Application
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 58–2
- Ordered to third reading cal.921
- Reported and committed to rules
- Committee discharged and committed to local government
- Referred to rules
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.
Tax Break for Community Group
In Assembly Committee · Real Property Taxation · Sponsor N. Nick Perry
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8554
IN SENATE
June 15, 2020
Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
AN ACT to authorize Top Community Development Corporation to file an application for a real property tax exemption
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Notwithstanding any other provision of law to the contrary, the commissioner of the New York city department of finance is hereby authorized to accept from Top Community Development Corporation an application for exemption from real property taxes pursuant to section 420-a of the real property tax law for the 2019 assessment roll, for the parcel located in the county of Kings at 1274 Utica Avenue otherwise known as section Brooklyn, 03 block 4760 lot 12, 03 block 4761 lot 53, 03 block 4761 lot 58. If accepted, the application shall be reviewed as if it had been received on or before the taxable status date established for such roll.
If satisfied that the Top Community Development Corporation: (i) acquired title to the property for which it seeks exemption subsequent to the taxable status date established for such roll and prior to the taxable status date for the next ensuing assessment roll and (ii) would otherwise be entitled to such exemption if such entity had filed an application for exemption by the appropriate taxable status date, the commissioner of the New York city department of finance, upon approval by the city council of the city of New York, may grant exemption from all taxation beginning with the date of acquisition of the property by such entity and make appropriate correction to the subject roll. If exemption is granted and such entity therefore shall have paid any tax with respect to the subject roll, the department of finance may, in its sole discretion, provide for the refund of those taxes paid including the amount of any taxes held in escrow pursuant to the sale of such property and cancel taxes, fines, penalties or interest remaining unpaid.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13816-02-0
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to authorize Top Community Development Corporation to file an application for a real property tax exemption
Purpose or general idea of bill
Allows Top Community Development Corporation to file an application for exemption from real property taxes in connection with the 2019 assess- ment rolls.
Summary of specific provisions
Section 1. Authorizes the commissioner of the New York city department of finance to accept from Top Community Development Corporation an application for an exemption from real property taxes pursuant to
Section 420-a of the Real Property Tax Law for the 2019 assessment roll.
Justification
Top Community Development is a not-for-profit organization that would be entitled to such an exemption had the organization filed an application for exemption by the appropriate taxable status date.
Prior legislative history
New Bill.
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.