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NY S01487

Bill

Official Source

Status

Engrossed

6/19/2017

Primary Sponsor

Tony Avella

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Increases the average assessed value threshold for J-51 tax abatement eligibility from thirty thousand dollars to fifty thousand dollars per dwelling unit.

  • Extends the deadline for cities to adopt J-51 tax abatement local laws from January 1, 2019 to January 1, 2022.

  • Extends the deadline for completion of J-51 conversions, alterations, or improvements from June 30, 2019 to June 30, 2022.

  • Raises the assessed value limitation cap for certain J-51 projects from thirty-five thousand dollars to fifty thousand dollars.

Legislative Description

Increases the average assessed value threshold; relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.

Last Action

COMMITTED TO RULES

6/20/2018

Committee Referrals

Rules6/20/2018
Local Government1/3/2018
Real Property Taxation6/19/2017
Local Government1/9/2017

Full Bill Text

No bill text available