Loading chat...
NY A04534
Bill
Status
2/4/2021
Primary Sponsor
Daniel O'Donnell
Click for details
AI Summary
-
Amends Real Property Tax Law Section 420-a to address taxation of not-for-profit owned real property that is leased for commercial for-profit purposes.
-
Allows not-for-profit organizations to lease property portions to other exempt organizations without losing tax exemption on the leased portion.
-
Adds new provision requiring that if a non-exempt portion is leased for commercial for-profit purposes and will significantly affect population concentration, community character, or neighborhood character (as determined by local governing body after public hearing), the entire parcel becomes subject to taxation with no exemption allowed.
-
Takes effect immediately upon enactment.
Legislative Description
Relates to not-for-profit lease of real property; provides that when real property not used exclusively to carry out one or more exempt purposes is leased or otherwise used for commercial for-profit purposes, such property shall be subject to taxation and no portion shall be exempt.
Last Action
referred to real property taxation
1/5/2022