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NY A03810
Bill
Status
1/28/2021
Primary Sponsor
Steven Cymbrowitz
Click for details
AI Summary
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Allows eligible multiple dwellings receiving Affordable New York Housing Program benefits under section 421-a to also receive exemptions under section 467 (disabled homeowners) or section 459-c (senior citizen homeowners).
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When multiple exemptions apply, the property owner receives the higher exemption amount rather than being limited to only one exemption.
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If the Affordable New York Housing Program benefit is greater, the owner receives only that benefit; if the other exemptions are greater, the owner receives the other exemption plus the difference between the two amounts.
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Applies the same concurrent exemption rules to all three tax exemption programs to prevent properties from receiving duplicate exemptions for the same municipal tax purpose.
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Takes effect thirty days after becoming law.
Legislative Description
Allows owners of real property who receive a tax exemption under section 421-a of the real property law to also receive a tax exemption under the senior citizen homeowners exemption or the disabled homeowners exemption.
Last Action
referred to real property taxation
1/5/2022