S T A T E   O F   N E W   Y O R K
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                                  11495

                          I N  A S S E M B L Y

                              June 17, 2010
                               ___________

Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Lupardo) --
  read once and referred to the Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation  to  establishing
  an  exemption for newly constructed single family residential property
  until sale

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative  intent.  The  legislature  hereby  finds and
declares that the construction and sale of detached single family  resi-
dences  is  an  integral part of the economy of this state, and that new
home construction fosters economic development throughout the state. The
residential construction  permits  for  new  construction  have  dropped
precipitously.  It  is  the  intent  of the legislature to exempt unsold
newly constructed homes in order to promote such development.
  S 2. The real property tax law is amended  by  adding  a  new  section
421-1 to read as follows:
  S 421-1. EXEMPTION OF CERTAIN NEWLY CONSTRUCTED SINGLE FAMILY RESIDEN-
TIAL PROPERTY. 1. A COUNTY, CITY, TOWN OR VILLAGE MAY BY LOCAL LAW, OR A
SCHOOL  DISTRICT MAY BY RESOLUTION PROVIDE THAT THE EXEMPTION UNDER THIS
SECTION SHALL BE APPLICABLE WITHIN ITS  JURISDICTION.  A  COPY  OF  SUCH
LOCAL  LAW OR RESOLUTION SHALL BE FILED WITH THE OFFICE OF REAL PROPERTY
SERVICES.
  2. RESIDENTIAL BUILDING LOTS WHICH ARE IMPROVED BY A NEWLY CONSTRUCTED
DETACHED  SINGLE  FAMILY  RESIDENCE  WHICH  WAS  NOT  CONSTRUCTED  UNDER
CONTRACT  WITH  A PURCHASER AND WHICH IS OFFERED FOR SALE BY THE BUILDER
OR DEVELOPER SHALL  BE  EXEMPT  FROM  TAXATION  TO  THE  EXTENT  OF  THE
INCREASED  VALUE  OF  SUCH  LOT RESULTING FROM THE ADDITION OF THE NEWLY
CONSTRUCTED DETACHED SINGLE FAMILY RESIDENCE FROM A  PERIOD  UNTIL  SUCH
PROPERTY  IS  SOLD OR OTHERWISE OCCUPIED AS A RESIDENCE, BUT IN NO EVENT
LONGER THAN THREE YEARS FROM THE GRANTING OF THE EXEMPTION  PURSUANT  TO
THIS SECTION.
  3.  SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
OF THE REAL PROPERTY ON A FORM PRESCRIBED  AND  MADE  AVAILABLE  BY  THE
OFFICE OF REAL PROPERTY SERVICES. THE APPLICANT SHALL FILE SUCH INFORMA-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD17416-01-0

A. 11495                            2

TION  AS  IS REQUIRED BY THE OFFICE OF REAL PROPERTY SERVICES INCLUDING,
BUT NOT LIMITED TO, PROOF THAT THE OWNER OF SUCH PROPERTY IS DOING BUSI-
NESS AS A BUILDER OR DEVELOPER OF RESIDENTIAL PROPERTY. THE  APPLICATION
SHALL BE FILED WITH THE ASSESSOR OF THE APPROPRIATE ASSESSING UNIT. SUCH
APPLICATION  SHALL  BE FILED ON OR BEFORE THE APPROPRIATE TAXABLE STATUS
DATE OF SUCH ASSESSING UNIT AND NOT LATER THAN ONE YEAR FROM THE DATE OF
COMPLETION OF CONSTRUCTION OF SUCH DETACHED SINGLE FAMILY RESIDENCE.
  4. IF THE ASSESSOR RECEIVES AN APPLICATION BY THE OWNER  OF  THE  REAL
PROPERTY,  AND  IS  SATISFIED  THAT  THE  APPLICANT  IS  ENTITLED  TO AN
EXEMPTION PURSUANT TO THIS  SECTION,  THE  ASSESSOR  SHALL  APPROVE  THE
APPLICATION AND SUCH REAL PROPERTY SHALL THEREAFTER BE EXEMPT FROM TAXA-
TION  AS  PROVIDED IN THIS SECTION COMMENCING WITH THE TAX ROLL PREPARED
AFTER THE TAXABLE STATUS DATE. THE ASSESSED VALUE OF ANY  REAL  PROPERTY
GRANTED  AN  EXEMPTION  PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE
ASSESSOR ON THE TAX ROLL, WITH THE AMOUNT OF THE EXEMPTION ENTERED IN  A
SEPARATE COLUMN.
  5.  THE  PROVISIONS  OF  THIS SECTION SHALL NOT APPLY TO A CITY WITH A
POPULATION OF ONE MILLION OR MORE.
  S 3. This act shall take effect immediately.