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NY A03853
Bill
Status
1/30/2025
Primary Sponsor
Jaime Williams
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AI Summary
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Removes the requirement for municipalities to adopt a local law, ordinance, or resolution before nonprofit organizations can apply for property tax exemptions on newly purchased property
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Extends the deadline for nonprofits to file for property tax exemptions from 30 days after property transfer to up to three years after purchase (specifically, by the taxable status date of the assessment roll three years after purchase)
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Allows nonprofits that purchase property after the tax levy but before the next year's taxable status date to file for exemptions and receive pro rata tax credits for the portion of the fiscal year after the transfer
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Applies these changes to both Section 420-a (general nonprofit exemptions) and Section 420-b of the Real Property Tax Law
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Municipal corporations receiving pro rata exemption credit notices must include appropriations in their next fiscal year budget to cover the aggregate amount of such credits
Legislative Description
Relates to property tax exemptions for nonprofit organizations; allows for nonprofit organizations to file an application for an exemption with the assessor no later than the taxable status date applicable to the following year's assessment roll where such nonprofit organization has purchased property after the taxable status date but prior to the levy of taxes.
Last Action
reported referred to ways and means
2/25/2026