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NY A06667
Bill
Status
3/25/2021
Primary Sponsor
Fred Thiele
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AI Summary
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Authorizes the town of Southampton in Suffolk County to enact a local law establishing a homestead exemption for real property taxation with eligibility requirements matching the STAR (School Tax Relief) exemption under Real Property Tax Law Section 425.
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Limits the homestead exemption to a maximum of $50,000 in full assessed value and requires it to be uniform for all eligible properties.
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Permits Southampton to cap annual assessment increases for residential property at no more than five percent, but this cap applies only to market trend adjustments and does not affect other assessment adjustments unrelated to market trends.
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Requires properties to be reassessed at full value without regard to the assessment cap upon transfer or sale, in accordance with Real Property Tax Law Section 305.
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Takes effect immediately upon enactment.
Legislative Description
Authorizes the town of Southampton, county of Suffolk, to enact by local law a homestead exemption; provides that such exemption shall not exceed $50,000 in full assessed value; authorizes a cap on all annual assessment increases for residential property, not to exceed five percent.
Last Action
held for consideration in real property taxation
5/10/2022