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NY S07048
Bill
Status
3/18/2016
Primary Sponsor
Andrew Lanza
Click for details
AI Summary
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Authorizes cities with a population of one million or more to grant real property tax rebates for the fiscal year beginning July 1, 2017 and ending June 30, 2018.
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Expands eligibility for the rebate from one, two, or three family residences to include four, five, and six family residences, as well as residential property in condominium or cooperative ownership.
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Limits rebate amount to the lesser of $400 or the annual tax liability on the property.
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Prohibits rebates for fiscal years beginning on or after July 1, 2018, unless the city council uniformly reduces tax rates for all property classes to provide relief across all classes.
Legislative Description
Authorizes cities having a population of one million or more to provide a rebate during the 2017-2018 city fiscal year of a portion of the real property taxes on owner occupied 1, 2, 3, 4, 5 or 6 family residential real property, or residential real property held in the condominium or cooperative form of ownership.
Last Action
COMMITTED TO RULES
6/17/2016