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NY S05669
Bill
Status
6/21/2011
Primary Sponsor
Diane Savino
Click for details
AI Summary
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Exempts eight class A multiple dwellings with 1,100+ residential rental units in Richmond County from taxation for 34 years under Real Property Tax Law Section 489, with occupants earning no more than 50% of area median income receiving Section 8 housing benefits.
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For properties with certificates of eligibility issued July 28, 2000: provides full exemption on assessed value increases from 1997-1998 baseline through tax year 2030-2031, then phases down by 20% annually from 2031-2035.
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For properties with certificates of eligibility issued January 30, 2002: provides full exemption on assessed value increases from 1998-1999 baseline through tax year 2031-2032, then phases down by 20% annually from 2032-2036.
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Converts all exemption benefits owed for tax years prior to the act's effective date into credits applied to reduce taxes from the effective date through tax year 2035-2036.
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Allows New York City Department of Housing Preservation and Development to extend project completion deadlines up to 96 months from construction commencement, with all work completed no later than December 31, 2013.
Legislative Description
Confirms eligibility for and directs the New York city department of finance to provide exemption from taxation for certain residential dwelling units in the county of Richmond; provides that the exemption benefits shall be based upon all increases in assessed valuation, whether they are physical or equalization increases; sets forth the annual exemption benefits; provides that all exemption benefits prior to the current tax year shall result in credits to be applied to future taxes; provides that an extension may be granted for completion of the subject projects up to 96 months but no later than December 31, 2013.
Last Action
REFERRED TO CITIES
1/4/2012