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NY A03121
Bill
Status
1/22/2021
Primary Sponsor
Patricia Fahy
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AI Summary
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Increases the exemption cap for capital improvements to residential buildings from $80,000 to $200,000 in increased market value for exemptions authorized by local law or resolution adopted on or after January 1, 2022
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Maintains the existing $80,000 exemption cap for exemptions authorized by local law or resolution adopted before January 1, 2022
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Allows local jurisdictions to set exemption amounts lower than the cap but not less than $5,000 for both old and new exemptions
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Defines market value of improvements as the increased assessed value divided by the class I ratio or state equalization rate, except when the equalization rate is 95% or higher in which case assessed value equals market value
Legislative Description
Increases the amount of the exemption permitted for capital improvements to residential buildings from $80,000 to $200,000 where a local law or resolution is adopted on or after January 1, 2022.
Last Action
referred to real property taxation
1/5/2022