Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 03, 2018 |
referred to real property taxation |
Feb 02, 2017 |
referred to real property taxation |
Assembly Bill A4450
2017-2018 Legislative Session
Sponsored By
SCHIMMINGER
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
Actions
co-Sponsors
John T. McDonald III
Stephen Hawley
Joseph Morelle
2017-A4450 (ACTIVE) - Details
2017-A4450 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4450 2017-2018 Regular Sessions I N A S S E M B L Y February 2, 2017 ___________ Introduced by M. of A. SCHIMMINGER, McDONALD -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to authorizing a residential redevelopment inhibited property exemption THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 485-r of the real property tax law, as added by chapter 406 of the laws of 2015 and paragraph (f) of subdivision 1 as amended by chapter 28 of the laws of 2016, is amended to read as follows: § 485-r. Residential redevelopment inhibited property exemption[; certain cities]. 1. As used in this section, the following terms shall have the following meanings: (a) "Redevelopment inhibited property" shall mean a residential prop- erty that has been neglected or abandoned because of the local economic conditions and/or conditions on the property that inhibit such property from being redeveloped by the private sector. Redevelopment inhibited property shall not include land that is undeveloped. (b) "Gap financing costs" shall mean the total cost of the property's redevelopment as approved by the [city] MUNICIPALITY minus the increase in the full valuation of the property upon completion of the redevelop- ment. (c) "Base assessment" shall mean the assessed value of the property on the day the [city] MUNICIPALITY designates the property as redevelopment inhibited. (d) "Increased assessment" shall mean the assessed value of the prop- erty as determined by the assessor upon completion of the redevelopment. (e) "Incremental increase in annual property taxes" shall mean the taxes based on the increased assessment minus the taxes based on the base assessment. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07927-01-7
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