Loading chat...

NY A02197

Bill

Official Source

Status

Introduced

1/14/2021

Primary Sponsor

Robert Smullen

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends real property tax law section 425, subdivision 3 to add new paragraph (e-1) establishing a real property tax exemption for dwellings held in legal title by a limited liability company.

  • Grants the exemption if the property serves as the primary residence of one or more LLC members, and the member(s) residing there personally pay all real property taxes and costs associated with the property's ownership.

  • Takes effect immediately upon enactment.

Legislative Description

Permits a STAR exemption for property owned by a limited liability company where the limited liability company is owned by a person to whom the exemption would have otherwise been granted.

Last Action

referred to real property taxation

1/5/2022

Committee Referrals

Real Property Taxation1/14/2021

Full Bill Text

No bill text available