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NY S05900
Bill
Status
10/3/2011
Primary Sponsor
Catharine Young
Click for details
AI Summary
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Eliminates a New York City Administrative Code provision that applied to multiple dwellings with construction commenced on or after October 1, 1993, with retroactive effect to December 31, 2007
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Removes the special six-year construction period and associated tax exemption benefits that were previously granted to buildings constructed between January 1, 2007 and June 30, 2009
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Extends post-completion tax exemption periods for new multiple dwellings from 10 years to 15 years in discretionary zones and to 25 years in designated neighborhood preservation areas
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Modifies the exemption schedules to provide full exemption for two years after construction completion, followed by graduated reductions over subsequent years (from 80% down to 20%)
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Takes effect immediately, with retroactive application to December 31, 2007; applications for preliminary certificates filed by June 24, 2012 remain eligible under prior construction commencement rules
Legislative Description
Grants a local real property tax exemption to certain multiple dwellings, in a city having a population of one million or more, for which construction commenced on or after October 1, 1993; expands the property tax exemption for new multiple dwellings and for certain other multiple dwellings.
Last Action
RECOMMITTED TO RULES
6/21/2012