Assembly Bill A155A

2015-2016 Legislative Session

Requires financial institutions to notify property tax assessors when they take possession of real property receiving a STAR exemption

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-A155 - Details

See Senate Version of this Bill:
S326
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9675, S7485
2017-2018: A941, S1602

2015-A155 - Summary

Requires financial institutions to notify real property tax assessors when they take possession of real property receiving a STAR exemption.

2015-A155 - Bill Text download pdf 

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

    S. 326                                                    A. 155

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

IN  SENATE -- Introduced by Sens. LAVALLE, RITCHIE, SEWARD -- read twice
  and ordered printed, and when printed to be committed to the Committee
  on Local Government

IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
  to the Committee on Real Property Taxation

AN  ACT  to  amend  the real property tax law, in relation to school tax
  relief (STAR) exemptions

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

  Section  1.  Section  425  of  the real property tax law is amended by
adding a new subdivision 15 to read as follows:
  15. FINANCIAL INSTITUTION. (A) WHENEVER A  FINANCIAL  INSTITUTION,  AS
DEFINED  BY  PARAGRAPH  (E)  OF SUBDIVISION TWO OF SECTION 5-1501 OF THE
GENERAL OBLIGATIONS LAW, TAKES POSSESSION OF REAL PROPERTY WHICH  QUALI-
FIES  FOR AN EXEMPTION PURSUANT TO THIS SECTION, SUCH FINANCIAL INSTITU-
TION SHALL NOTIFY THE ASSESSOR OR OTHER PERSON  HAVING  CUSTODY  OF  THE
ASSESSMENT  ROLL  IN THE LOCALITY IN WHICH SUCH REAL PROPERTY IS LOCATED
WITHIN THIRTY DAYS OF TAKING SUCH POSSESSION, UPON WHICH SUCH  EXEMPTION
SHALL BE IMMEDIATELY DISCONTINUED.
  (B) ANY FINANCIAL INSTITUTION THAT VIOLATES ANY PROVISION OF PARAGRAPH
(A)  OF  THIS  SUBDIVISION  SHALL  BE  LIABLE FOR A CIVIL PENALTY NOT TO
EXCEED FIVE THOUSAND DOLLARS.
  S 2. This act shall take effect on the thirtieth day  after  it  shall
have become a law.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02399-01-5

2015-A155A (ACTIVE) - Details

See Senate Version of this Bill:
S326
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: A9675, S7485
2017-2018: A941, S1602

2015-A155A (ACTIVE) - Summary

Requires financial institutions to notify real property tax assessors when they take possession of real property receiving a STAR exemption.

2015-A155A (ACTIVE) - Bill Text download pdf 

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

    S. 326--A                                              A. 155--A

                       2015-2016 Regular Sessions

                      S E N A T E - A S S E M B L Y

                               (PREFILED)

                             January 7, 2015
                               ___________

IN  SENATE -- Introduced by Sens. LAVALLE, MARCHIONE, RITCHIE, SEWARD --
  read twice and ordered printed, and when printed to  be  committed  to
  the  Committee  on Local Government -- recommitted to the Committee on
  Local Government in accordance with Senate Rule 6, sec. 8 -- committee
  discharged, bill amended, ordered reprinted as amended and recommitted
  to said committee

IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once  and  referred
  to  the  Committee  on  Real  Property  Taxation -- recommitted to the
  Committee on Real Property Taxation in accordance with  Assembly  Rule
  3,  sec. 2 -- committee discharged, bill amended, ordered reprinted as
  amended and recommitted to said committee

AN ACT to amend the real property tax law, in  relation  to  school  tax
  relief (STAR) exemptions

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

  Section 1. Section 425 of the real property  tax  law  is  amended  by
adding a new subdivision 16 to read as follows:
  16.  FINANCIAL  INSTITUTION.  (A) WHENEVER A FINANCIAL INSTITUTION, AS
DEFINED BY PARAGRAPH (E) OF SUBDIVISION TWO OF  SECTION  5-1501  OF  THE
GENERAL  OBLIGATIONS LAW, TAKES POSSESSION OF REAL PROPERTY WHICH QUALI-
FIES FOR AN EXEMPTION PURSUANT TO THIS SECTION, SUCH FINANCIAL  INSTITU-
TION  SHALL  NOTIFY  THE  ASSESSOR OR OTHER PERSON HAVING CUSTODY OF THE
ASSESSMENT ROLL IN THE LOCALITY IN WHICH SUCH REAL PROPERTY  IS  LOCATED
WITHIN  THIRTY DAYS OF TAKING SUCH POSSESSION, UPON WHICH SUCH EXEMPTION
SHALL BE IMMEDIATELY DISCONTINUED.
  (B) ANY FINANCIAL INSTITUTION THAT VIOLATES ANY PROVISION OF PARAGRAPH
(A) OF THIS SUBDIVISION SHALL BE LIABLE  FOR  A  CIVIL  PENALTY  NOT  TO
EXCEED FIVE THOUSAND DOLLARS.
  S  2.  This  act shall take effect on the thirtieth day after it shall
have become a law.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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