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NY A04693

Bill

Official Source

Status

Introduced

2/22/2023

Primary Sponsor

Robert Smullen

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Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Amends the real property tax law to permit STAR (School Tax Relief) exemptions for dwellings held in the legal title of a limited liability company
  • Exemption applies when the property serves as the primary residence of one or more members of the limited liability company
  • Requires that member(s) who primarily reside on the property must personally pay all real property taxes and costs associated with ownership
  • Takes effect immediately upon enactment

Legislative Description

Permits a STAR exemption for property owned by a limited liability company where the limited liability company is owned by a person to whom the exemption would have otherwise been granted.

Last Action

referred to real property taxation

1/3/2024

Committee Referrals

Real Property Taxation2/22/2023

Full Bill Text

No bill text available