Assembly Bill A4805

2015-2016 Legislative Session

Relates to a real property tax exemption for property owned by a limited liability company

download bill text pdf

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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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2015-A4805 (ACTIVE) - Details

See Senate Version of this Bill:
S2449
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง425, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8624, S6347
2017-2018: A2760
2019-2020: A4820
2021-2022: A2197
2023-2024: A4693

2015-A4805 (ACTIVE) - Summary

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.

2015-A4805 (ACTIVE) - Bill Text download pdf 

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

                                  4805

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                            February 6, 2015
                               ___________

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

AN ACT to amend the real property tax law, in relation to a real proper-
  ty tax exemption for property owned by a limited liability company

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

  Section 1. Subdivision 3 of section 425 of the real property  tax  law
is amended by adding a new paragraph (e-1) to read as follows:
  (E-1)  DWELLINGS  OWNED BY A LIMITED LIABILITY COMPANY. IF LEGAL TITLE
TO A DWELLING IS HELD BY A  LIMITED  LIABILITY  COMPANY,  THE  EXEMPTION
SHALL  BE GRANTED IF THE PROPERTY SERVES AS THE PRIMARY RESIDENCE OF ONE
OR MORE OF THE MEMBERS OF THE LIMITED LIABILITY COMPANY,  PROVIDED  THAT
THE MEMBER OR MEMBERS WHO PRIMARILY RESIDE THEREON PERSONALLY PAY ALL OF
THE  REAL  PROPERTY TAXES AND OTHER COSTS ASSOCIATED WITH THE PROPERTY'S
OWNERSHIP.
  S 2. This act shall take effect immediately.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03598-01-5

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