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NY A02333
Bill
Status
1/25/2023
Primary Sponsor
William Barclay
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AI Summary
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Establishes a property tax exemption for residential real property in eligible counties that undergoes erosion protection or bank stabilization improvements to prevent flood damage and erosion.
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Provides a 20-year exemption period: 11 years of 100% exemption on the increased assessed value from such improvements, followed by 9 years of declining exemption (decreasing by 10% annually from 90% to 10%).
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Requires construction costs to exceed $10,000 (or higher amount set by local law), be commenced after the law's enactment, and be completed with appropriate documentation filed within one year.
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Applies only to participating municipalities in eligible counties as defined by the Governor's Executive Order 165 of 2017 declaring a state of emergency (dated May 3, 2017) related to Lake Ontario flooding.
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Allows municipalities to adopt local laws to reduce the exemption percentage, establish effective dates, or require higher construction costs, though existing projects and prior exemptions are grandfathered in.
Legislative Description
Establishes the Lake Ontario assessment increase exemption; provides exemptions on any increase in assessments due to preventative measures taken at the expense of property owners to mitigate potential flood damage due to rising lake levels in the areas surrounding Lake Ontario.
Last Action
referred to real property taxation
1/3/2024