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NY S05875
Bill
Status
Introduced
6/15/2009
Primary Sponsor
Roy McDonald
Click for details
AI Summary
- Adds Real Property Tax Law Section 421-L to create a tax exemption for capital improvements to multiple dwelling buildings in cities with population between 48,900 and 49,400 inhabitants
- Exempts buildings reduced to at most two units from taxation and special ad valorem levies for one year at 100 percent, then decreases by 12.5 percent annually for seven additional years
- Limits exemption to increased market value between $10,000 and $100,000 (or amount set by local law), with improvements exceeding $5,000 and affecting buildings at least five years old
- Requires cities to adopt a local law after public hearing to grant the exemption, and property owners must apply with the assessor by the taxable status date
- Exemption ceases if the building is no longer used primarily for residential purposes or title transfers to persons other than heirs or distributees of the owner
- Effective January 1 following enactment
Legislative Description
Creates a real property tax exemption for capital improvements to multiple dwellings in certain cities.
Last Action
PRINT NUMBER 5875A
6/22/2010
Committee Referrals
Housing, Construction, and Community Development1/6/2010
Rules6/15/2009
Full Bill Text
No bill text available