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NY A07097

Bill

Official Source

Status

Introduced

4/22/2021

Primary Sponsor

Sandra Galef

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Increases the exemption cap for capital improvements to residential buildings in cities from $80,000 to $145,000 in increased market value
  • Maintains the exemption cap at $750,000 in increased market value for special assessing units that are not cities
  • Allows local jurisdictions to set their own exemption amounts between $5,000 and the applicable cap ($145,000 or $750,000) through local law or resolution
  • Takes effect immediately, with provisions reverting when prior law expires on a future date specified in statute
  • Applies to reconstruction, alteration, improvement, and new construction of residential properties

Legislative Description

Increases the cap on the real property tax exemption of capital improvements to residential buildings.

Last Action

referred to ways and means

1/5/2022

Committee Referrals

Ways and Means4/27/2021
Real Property Taxation4/22/2021

Full Bill Text

No bill text available