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NY A03889
Bill
Status
2/8/2023
Primary Sponsor
Patricia Fahy
Click for details
AI Summary
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Amends Real Property Tax Law Section 421-f to change the capital improvements exemption for residential buildings based on the adoption date of local laws or resolutions
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Maintains the $80,000 exemption limit for exemptions authorized by local laws or resolutions adopted before January 1, 2024
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Increases the exemption limit to $200,000 in increased market value for exemptions authorized by local laws or resolutions adopted on or after January 1, 2024
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Applies the $200,000 limit to special assessing units that are not cities, replacing the previous $750,000 limit for such units
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Takes effect immediately, with provisions subject to expiration and reversion provisions in prior law
Legislative Description
Changes the amount of the exemption permitted for capital improvements to residential buildings to $200,000 where a local law or resolution is adopted on or after January 1, 2024.
Last Action
referred to real property taxation
1/3/2024