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NY S05218
Bill
Status
2/27/2023
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Establishes a tax exemption in cities with populations of one million or more for improvements to historic real property, exempting the assessment increase attributable to those improvements from local taxation.
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Requires the municipal governing body to adopt a local law or resolution after holding a public hearing before the exemption becomes available.
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Defines "historic real property" as owner-occupied one-, two-, or three-family residences that are designated as historic landmarks by the appropriate local agency and maintain that designation.
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Mandates a permanent public access agreement between the property owner and the historic landmark designating agency, binding on all subsequent owners and recorded with the county clerk, as a condition for receiving the exemption.
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Requires property owners to apply for the exemption by the appropriate taxable status date, with the assessor approving applications that meet the statutory requirements.
Legislative Description
Encourages the preservation and viewing of historic properties by allowing an exemption from local real estate tax in cities of a million or more population, for improvements to historic real property and by requiring certain public access to such property; defines the term "historic real property" as a one, two or three family residence which is owner-occupied and designated by the appropriate agency as a historic landmark and such designation is maintained.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024