S T A T E   O F   N E W   Y O R K
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     S. 5547--A                                            A. 7147--A
 
                        2017-2018 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                              April 10, 2017
                                ___________
 
 IN  SENATE  --  Introduced  by  Sen.  CARLUCCI -- 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 commit-
   tee
 
 IN ASSEMBLY -- Introduced by M. of A. GALEF, BUTLER  --  read  once  and
   referred  to  the  Committee on Real Property Taxation -- reported and
   referred to the Committee on Ways and  Means  --  recommitted  to  the
   Committee on Ways and Means 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 a  residential
   revaluation exemption
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 485-u to read as follows:
   §  485-U.  RESIDENTIAL  REVALUATION EXEMPTION. 1. APPLICABILITY.   THE
 GOVERNING BODY OF AN ASSESSING UNIT MAY, AFTER A PUBLIC  HEARING,  ADOPT
 THE  PROVISIONS OF THIS SECTION BY LOCAL LAW IN THE FIRST YEAR OF A FULL
 VALUE REVALUATION TO PROVIDE A RESIDENTIAL REVALUATION EXEMPTION. IF THE
 GOVERNING BODY OF AN ASSESSING UNIT PASSES A LOCAL LAW PURSUANT TO  THIS
 SUBDIVISION,  SUCH  EXEMPTION SHALL ALSO APPLY IN THE SAME MANNER AND TO
 THE SAME EXTENT TO EACH VILLAGE,  COUNTY,  SPECIAL  DISTRICT  OR  SCHOOL
 DISTRICT  THAT  LEVIES  TAXES  ON  THE  ASSESSMENT ROLL PREPARED BY SUCH
 ASSESSING UNIT. A VILLAGE ASSESSING UNIT, WITHIN AN ASSESSING UNIT  THAT
 HAS  CONDUCTED  A  REVALUATION  AND THAT CHOOSES TO ADOPT THAT ASSESSING
 UNIT'S LATEST FINAL ASSESSMENT ROLL IS PERMITTED TO ADOPT THE PROVISIONS
 OF THIS SECTION WITHIN TWO YEARS OF ITS IMPLEMENTATION.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD07896-03-8

 S. 5547--A                          2                         A. 7147--A
 
   2. ELIGIBILITY. (A) THE ASSESSORS IN EACH  ASSESSING  UNIT  THAT  HAVE
 ADOPTED THE PROVISIONS OF THIS SECTION SHALL, IN THE FIRST YEAR IN WHICH
 REVALUATION ASSESSMENTS ARE TO BE ENTERED ON THE ASSESSMENT ROLL AND FOR
 THE NEXT SUCCEEDING YEAR, APPLY TO EACH ELIGIBLE RESIDENTIAL PROPERTY AN
 EXEMPTION  AS  PROVIDED  IN  SUBDIVISION  THREE OF THIS SECTION. FOR THE
 PURPOSE OF THIS SECTION, TO BE AN "ELIGIBLE  RESIDENTIAL  PROPERTY"  THE
 FOLLOWING CRITERIA MUST BE MET:
   (I)  THE PROPERTY MUST BE A RESIDENTIAL PROPERTY, PROVIDED THAT DWELL-
 ING UNITS HELD IN CONDOMINIUM FORM OF OWNERSHIP SHALL ONLY  BE  ELIGIBLE
 IF LOCATED IN AN APPROVED ASSESSING UNIT AND CLASSIFIED IN THE HOMESTEAD
 CLASS  OR  LOCATED  IN  A SPECIAL ASSESSING UNIT AND CLASSIFIED IN CLASS
 ONE;
   (II) THE PROPERTY MUST BE  ELIGIBLE  TO  RECEIVE  THE  STAR  EXEMPTION
 AUTHORIZED  BY  SECTION  FOUR  HUNDRED  TWENTY-FIVE OF THIS TITLE OR THE
 OWNER OR OWNERS MUST BE ELIGIBLE TO  RECEIVE  THE  PERSONAL  INCOME  TAX
 SCHOOL  TAX  RELIEF  (STAR)  CREDIT  AUTHORIZED  BY  SUBSECTION (EEE) OF
 SECTION SIX HUNDRED SIX OF THE TAX LAW, FOR SUCH PROPERTY;
   (III) IN ANY GIVEN YEAR, THE OWNER OR OWNERS RECEIVING  THE  EXEMPTION
 PURSUANT  TO  THIS  SECTION MUST BE THE SAME AS THE OWNER OR OWNERS THAT
 APPEARED ON THE ASSESSMENT ROLL UPON WHICH  THE  REVALUATION  IS  IMPLE-
 MENTED; AND
   (IV) THE PROPERTY MUST NOT HAVE ANY DELINQUENT TAXES AS OF THE TAXABLE
 STATUS DATE FOR THE ROLL ON WHICH AN EXEMPTION IS APPLIED.
   (B)  IN  ADDITION  TO  THE  CRITERIA PROVIDED IN PARAGRAPH (A) OF THIS
 SUBDIVISION, AN ASSESSING UNIT MAY  FURTHER  LIMIT  THE  ELIGIBILITY  TO
 ELIGIBLE  RESIDENTIAL  PROPERTY WHOSE FULL VALUE INCREASE EXCEEDED A SET
 PERCENTAGE THRESHOLD AS  SPECIFIED  IN  THEIR  LOCAL  LAW  ADOPTING  THE
 PROVISIONS OF THIS SECTION.
   3.  EXEMPTION CALCULATION. (A)(I) THE EXEMPTION SHALL BE COMPUTED WITH
 RESPECT TO A PERCENTAGE OF THE  "EXEMPTION  BASE."  THE  EXEMPTION  BASE
 SHALL  BE  THE  AMOUNT  BY WHICH THE ASSESSED VALUE OF A PROPERTY ON THE
 ASSESSMENT ROLL UPON WHICH THE REVALUATION IS  IMPLEMENTED  EXCEEDS  THE
 PRIOR  YEAR'S  EQUALIZED  ASSESSED  VALUE,  AS DETERMINED IN THE INITIAL
 YEAR. THE PRIOR YEAR'S EQUALIZED ASSESSED VALUE SHALL BE  DETERMINED  BY
 APPLYING  THE  APPLICABLE  CHANGE  IN  LEVEL OF ASSESSMENT FACTOR TO THE
 PRIOR YEAR'S ASSESSED VALUE.  SUCH  EXEMPTION  BASE  SHALL  NOT  INCLUDE
 INCREASES  DUE TO A PHYSICAL IMPROVEMENT OR A REMOVAL OR REDUCTION OF AN
 EXEMPTION ON PROPERTY.
   (II) ANY INCREASE IN THE ASSESSMENT OF  A  PROPERTY  DUE  TO  PHYSICAL
 CHANGES  IN  THE  YEAR  FOLLOWING  THE  IMPLEMENTATION ROLL SHALL NOT BE
 ELIGIBLE FOR THE EXEMPTION. IN THE EVENT THAT ANY PORTION OF A PARCEL IS
 FULLY OR PARTIALLY REMOVED FROM THE ROLL DURING THE YEAR  FOLLOWING  THE
 IMPLEMENTATION  ROLL  BY  REASON OF FIRE, DEMOLITION, DESTRUCTION OR NEW
 EXEMPTION, THE ASSESSOR SHALL REDUCE THE  EXEMPTION  FOR  ANY  REMAINING
 PORTION  IN  THE  SAME  PROPORTION  ASSESSMENT IS REDUCED FOR SUCH FIRE,
 DEMOLITION, DESTRUCTION OR NEW EXEMPTION. IF  A  PROPERTY'S  REVALUATION
 ASSESSMENT  IS REDUCED PURSUANT TO TITLE ONE-A OF ARTICLE FIVE, OR TITLE
 ONE OR ONE-A OF ARTICLE SEVEN OF THIS CHAPTER, THE  EXEMPTION  SHALL  BE
 RECOMPUTED ACCORDINGLY.
   (B)(I) THE EXEMPTION SHALL BE TO THE EXTENT OF SIXTY-SIX PER CENTUM OF
 THE  EXEMPTION  BASE  IN  YEAR  ONE  AND  THIRTY-THREE PER CENTUM OF THE
 EXEMPTION BASE IN YEAR TWO.
   (II) THE FOLLOWING TABLE  SHALL  ILLUSTRATE  THE  COMPUTATION  OF  THE
 EXEMPTION:
           YEAR OF EXEMPTION        PERCENTAGE OF EXEMPTION
           1                        66% OF EXEMPTION BASE

 S. 5547--A                          3                         A. 7147--A
 
           2                        33% OF EXEMPTION BASE
   4.  GRANTING  OF  EXEMPTION.  (A) SUCH EXEMPTION SHALL BE GRANTED ONLY
 UPON APPLICATION BY THE OWNER OR OWNERS OF SUCH REAL PROPERTY ON A  FORM
 PRESCRIBED BY THE COMMISSIONER. SUCH APPLICATION SHALL BE FILED WITH THE
 ASSESSOR  ON  OR  BEFORE  THE  APPROPRIATE  TAXABLE  STATUS DATE FOR THE
 ASSESSMENT ROLL UPON WHICH THE REVALUATION IS IMPLEMENTED.
   (B) IF THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED TO  AN
 EXEMPTION PURSUANT TO THIS SECTION, HE OR SHE SHALL APPROVE THE APPLICA-
 TION  AND  THE TAXABLE ASSESSED VALUE SHALL BE REDUCED BY THE EXEMPTION,
 AS IN THIS SECTION PROVIDED COMMENCING WITH THE ASSESSMENT ROLL PREPARED
 AFTER THE TAXABLE STATUS DATE.  THE  ASSESSED  VALUE  OF  ANY  EXEMPTION
 GRANTED PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE ASSESSOR ON THE
 ASSESSMENT  ROLL  WITH  THE  AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE
 COLUMN.
   (C) IN THE EVENT THAT THE RESIDENTIAL PROPERTY  GRANTED  AN  EXEMPTION
 PURSUANT TO THIS SECTION TRANSFERS OWNERSHIP OR OTHERWISE CEASES TO MEET
 THE ELIGIBILITY REQUIREMENTS OF THE EXEMPTION IN SUBDIVISION TWO OF THIS
 SECTION, THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL BE DISCON-
 TINUED.  UPON  DETERMINING  THAT  AN  EXEMPTION GRANTED PURSUANT TO THIS
 SECTION SHOULD BE DISCONTINUED, THE ASSESSOR  SHALL  MAIL  A  NOTICE  SO
 STATING  TO  THE  OWNER  OR OWNERS THEREOF AT THE TIME AND IN THE MANNER
 PROVIDED BY SECTION FIVE HUNDRED TEN OF THIS CHAPTER.
   § 2. This act shall take effect immediately.