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NY S06460
Bill
Status
6/14/2016
Primary Sponsor
Michael Ranzenhofer
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AI Summary
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Amends section 485-r of the Real Property Tax Law to expand the residential redevelopment inhibited property exemption to apply to any city, town, or village (previously limited to cities with populations between 15,250 and 15,500).
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Defines "redevelopment inhibited property" as residential property neglected or abandoned due to local economic conditions or property conditions that prevent private sector redevelopment, excluding undeveloped land.
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Establishes key terms including "gap financing costs" (redevelopment costs minus increased property valuation), "base assessment" (assessed value at designation), and "incremental increase in annual property taxes" (tax difference between increased and base assessments).
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Permits municipalities to designate properties as redevelopment inhibited and provide real property tax exemptions by local law.
Legislative Description
Relates to authorizing a residential redevelopment inhibited property exemption; authorizes any city, town or village to, by local law, provide for a real property tax exemption for residential redevelopment inhibited property.
Last Action
referred to real property taxation
6/14/2016