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NY A08648
Bill
Status
Engrossed
6/29/2010
Primary Sponsor
Ronald Canestrari
Click for details
AI Summary
- Applies to cities with population between 48,900 and 49,400 inhabitants (per latest federal census) that adopt a local law granting the exemption
- Exempts multiple dwelling buildings reduced to at most two units through reconstruction, alteration, or conversion, from taxation on the increased assessed value
- Provides 100% exemption for one year, then decreases by 12.5% annually over seven additional years (eight-year total exemption period)
- Exemption capped at $100,000 in increased market value, or lower amount set by local law (minimum $10,000), with reconstruction costs exceeding $5,000 required
- Exemption terminates if building ceases residential use or ownership transfers to non-heirs, and local laws may reduce exemption percentage or limit eligible improvement types
Legislative Description
Creates a real property tax exemption for capital improvements to multiple dwellings in certain cities.
Last Action
REFERRED TO RULES
6/29/2010
Committee Referrals
Rules6/29/2010
Ways and Means6/25/2010
Real Property Taxation6/2/2009
Full Bill Text
No bill text available