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NY A01565
Bill
Status
1/11/2021
Primary Sponsor
Linda Rosenthal
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AI Summary
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Establishes a residential open green space tax abatement for eligible residential properties in cities with populations of one million or more persons.
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Provides a tax abatement of $4.50 per square foot of residential open green space, capped at the lesser of $100,000 or the property's annual tax liability.
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Abatement applies for one year beginning July 1st following approval and requires applicants to file between January 1, 2022 and March 15, 2026.
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Property owners must maintain the green space for at least three years after the abatement period and comply with all applicable laws; failure to comply results in revocation and repayment of abated taxes with interest.
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Designated city agencies review and approve applications, inspect properties, and notify the department of finance of approvals and any noncompliance.
Legislative Description
Establishes the residential open green space tax abatement for certain properties in a city of one million or more; provides an abatement for owners who remove an impermeable surface from a residential yard and replace it with soil and vegetation.
Last Action
referred to real property taxation
1/5/2022