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NY A00499
Bill
Status
Introduced
1/5/2011
Primary Sponsor
William Boyland
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AI Summary
- Amends Real Property Tax Law Section 420-a to add a seven-year time limit for tax exemptions on unimproved property held by nonprofit organizations
- Exemption applies only if construction of buildings or physical improvements is in progress or contemplated within seven years of property acquisition
- For property acquired before the law's effective date, the seven-year period begins on the effective date; for property acquired after, the period begins on the acquisition date
- Replaces "buildings" with "buildings or OTHER PHYSICAL improvements" to clarify scope of required construction
- Takes effect January 1st following enactment
Legislative Description
Sets a 7-year limit to the real property tax exemption for unimproved property of mandatory class nonprofit organizations.
Last Action
referred to real property taxation
1/5/2011
Committee Referrals
Real Property Taxation1/5/2011
Full Bill Text
No bill text available