NY State Senate Bill 2019-S1551A

Archive: Last Bill Status - In Senate Committee Local Government 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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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 14, 2020	print number 1551a
Jan 14, 2020	amend and recommit to local government
Jan 08, 2020	referred to local government
Jan 15, 2019	referred to local government

Bill Amendments

Original

A (Active)

co-Sponsors

2019-S1551 - Details

See Assembly Version of this Bill:: A1329
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Add §485-v, RPT L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5547, A7147
2021-2022: S4855, A3489

2019-S1551 - Summary

Creates a statewide residential revaluation exemption; defines "eligible residential property"; and provides applicability, eligibility and the exemption calculation.

2019-S1551 - Sponsor Memo

                                
 
BILL NUMBER: S1551

SPONSOR: CARLUCCI
 
TITLE OF BILL:  An act to amend the real property tax law, in relation
to a residential revaluation exemption

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this legislation is to help mitigate the effects of a
town-wide revaluation by giving a town the ability to adopt a two-year
phase-in option for assessment increases on certain residential proper-
ties.

 
SUMMARY OF PROVISIONS:

Section 1. Amends the Real Property Tax law by adding a new section
485-t that reads as follows: § 485-u. Residential Revaluation exemption.

1. After a public hearing, the governing body of an assessing unit may
adopt the provisions of this section by local law in the 18t year of a
full value revaluation to provide a residential revaluation exemption.

2. (a) To be an "eligible residential property" (i) the property must be
a residential property,(ii) the property must be eligible to receive the
STAR exemption or the personal income tax STAR credit, (iii) in any
given year, the owner(s) receiving the exemption must match the owner(s)
on the assessment roll, and (iv) the property must not have any delin-
quent taxes as of the taxable status date. (b) Additionally, an assess-
ing unit may further limit the eligibility to eligible residential prop-
erties whose full value increase exceeds a set percentage threshold as
specified in their local law.

3. (a)(i) The exemption shall be computed with respect to a percentage
of the "exemption base", which a definition is provided. (ii) Any
increase in the assessment due to physical changes in the year following
the implementation roll shall not be eligible for exemption. (b)(i) The
exemption shall be to the extent of 66 per centum of the exemption base
in year one and 33 per centum in year two. (ii) Illustration:

            YEAR OF EXEMPTION                  PERCENTAGE OF EXEMPTION

               1                                  66% of exemption base

               2                                  33% of exemption base

4. (a)Exemption shall be granted only upon application by the owner(s)on
a form prescribed by the commissioner. Application must be filed with
the assessor on or before the appropriate taxable status date for the
assessment roll which the revaluation is implemented.  (b)If the asses-
sor is satisfied, they shall approve the application and the taxable
assessed value will be reduced by the exemption. (c) If property granted
an exemption transfers ownership or ceases to meet eligibility, the
exemption shall be discontinued, the assessor shall mail a notice to the
owner(s).

Section 2. Establishes the effective date.

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):

This section is not applicable at this time.

 
JUSTIFICATION:

New York State does not require assessing units to conduct cynical reas-
sessments. As a result, reassessment activity is inconsistent across the
State. In many instances, assessments are out of date and do not accu-
rately reflect the actual value of properties, causing some taxpayers to
pay too much in taxes and others to pay too little.  In an effort to
bring current the properties, many towns are deciding to complete town-
wide property reassessments. Some of these towns had not be reassessed
for many decades, and therefore updating the assessment rolls can often
cause some owners to experience severe increases in their property
taxes. Although these increases may be in the interest of fairness, they
can be jarring and sudden. This legislation will help mitigate the
impacts of these increases by allowing a town to adopt a local law,
after a public hearing, to phase-in the increased assessments that some
residents will experience. It will also allow homeowners to prepare
financially for their new, increased tax liability.

 
PRIOR LEGISLATIVE HISTORY:

A. 7147-A and S. 5547-A of 2017/2018

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

There are no fiscal implications to the State in association with the
passage of this legislation.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1551 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 1551                                                  A. 1329
 
                        2019-2020 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             January 15, 2019
                                ___________
 
 IN  SENATE  --  Introduced  by  Sen.  CARLUCCI -- read twice and ordered
   printed, and when printed to be committed to the  Committee  on  Local
   Government
 
 IN ASSEMBLY -- Introduced by M. of A. GALEF -- read once and referred to
   the Committee on Real Property Taxation

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

                                                            LBD00259-01-9

 S. 1551                             2                            A. 1329
 
   (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
           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.

 S. 1551                             3                            A. 1329
 
   (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.

co-Sponsors

2019-S1551A (ACTIVE) - Details

See Assembly Version of this Bill:: A1329
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Add §485-v, RPT L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S5547, A7147
2021-2022: S4855, A3489

2019-S1551A (ACTIVE) - Summary

Creates a statewide residential revaluation exemption; defines "eligible residential property"; and provides applicability, eligibility and the exemption calculation.

2019-S1551A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1551A

SPONSOR: CARLUCCI
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to a residential
revaluation exemption

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this legislation is to help mitigate the effects of a
town-wide revaluation by giving a town the ability to adopt a two-year
phase-in option for assessment increases on certain residential proper-
ties.

 
SUMMARY OF PROVISIONS:

Section 1. Amends +the Real Property Tax law by adding a new section
485-v that reads as follows: § 485-v. Residential Revaluation exemption.

1. After a public hearing, the governing body of an assessing unit may

adopt the provisions of this section by local law in the 1st year of a
full value revaluation to provide a residential revaluation exemption.

2. (a) To be an "eligible residential property" (i) the property must be
a residential property,(ii) the property must be eligible to receive the
STAR exemption or the personal income tax STAR credit, (iii) in any
given year, the owner(s) receiving the exemption must match the owner(s)
on the assessment roll, and (iv) the property must not have any delin-
quent taxes as of the taxable status date. (b) Additionally, an assess-
ing unit may further limit the eligibility to eligible residential prop-
erties whose full value increase exceeds a set percentage threshold as
specified in their local law.

3. (a)(i) The exemption shall be computed with respect to a percentage
of the "exemption base", which a definition is provided. (ii) Any
increase in the assessment due to physical changes in the year following
the implementation roll shall not be eligible for exemption. (b)(i) The
exemption shall be to the extent of 66 per centum of the exemption base
in year one and 33 per centum in year two. (ii) Illustration:

          YEAR OF EXEMPTION         PERCENTAGE OF EXEMPTION
                1                   66% of exemption base
                2                   33% of exemption base

4. (a)Exemption shall be granted only upon application by the owner(s)on
a  form  prescribed  by the commissioner. Application must be filed with
the assessor on or before the appropriate taxable status  date  for  the
assessment  roll which the revaluation is implemented.  (b)If the asses-
sor is satisfied, they shall approve the  application  and  the  taxable
assessed value will be reduced by the exemption. (c) If property granted
an  exemption  transfers  ownership  or  ceases to meet eligibility, the
exemption shall be discontinued, the assessor shall mail a notice to the
owner(s).

Section 2. Establishes the effective date.

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):

Changes section number of new section of RPTL to 485-v from 485-u.

 
JUSTIFICATION:

New York State does not require assessing units to conduct cynical reas-
sessments. As a result, reassessment activity is inconsistent across the
State.  In  many instances, assessments are out of date and do not accu-
rately reflect the actual value of properties, causing some taxpayers to
pay too much in taxes and others to pay too little.

In an effort to bring current the properties, many towns are deciding to
complete town-wide property reassessments. Some of these towns  had  not
be  reassessed  for  many decades, and therefore updating the assessment
rolls can often cause some owners  to  experience  severe  increases  in
their property taxes. Although these increases may be in the interest of
fairness,  they  can  be  jarring and sudden. This legislation will help
mitigate the impacts of these increases by allowing a town  to  adopt  a
local law, after a public hearing, to phase-in the increased assessments
that  some  residents  will experience. It will also allow homeowners to
prepare financially for their new, increased tax liability.

 
PRIOR LEGISLATIVE HISTORY:

A. 7147-A and S. 5547-A of 2017/2018

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

There are no fiscal implications to the State in  association  with  the
passage of this legislation.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1551A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 1551--A                                            A. 1329--A
                                                          Cal. No. 68
 
                        2019-2020 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                             January 15, 2019
                                ___________
 
 IN  SENATE  --  Introduced  by Sens. CARLUCCI, KENNEDY -- 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, WALLACE -- read once and
   referred to the Committee on Real Property Taxation --  ordered  to  a
   third  reading,  amended and ordered reprinted, retaining its place on
   the order of third reading
 
 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-v to read as follows:
   §  485-V.  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.
   2. ELIGIBILITY. (A) THE ASSESSORS IN EACH  ASSESSING  UNIT  THAT  HAVE
 ADOPTED THE PROVISIONS OF THIS SECTION SHALL, IN THE FIRST YEAR IN WHICH
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD00259-02-0

 S. 1551--A                          2                         A. 1329--A
 
 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
           2                        33% OF EXEMPTION BASE

 S. 1551--A                          3                         A. 1329--A
 
   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.

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Senate Bill S1551A

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government Committee

Bill Amendments

co-Sponsors

2019-S1551 - Details

2019-S1551 - Summary

2019-S1551 - Sponsor Memo

2019-S1551 - Bill Text download pdf

co-Sponsors

2019-S1551A (ACTIVE) - Details

2019-S1551A (ACTIVE) - Summary

2019-S1551A (ACTIVE) - Sponsor Memo

2019-S1551A (ACTIVE) - Bill Text download pdf

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Senate Bill S1551A

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Sponsored By

David Carlucci

Archive: Last Bill Status - In Senate Committee Local Government Committee

Bill Amendments

co-Sponsors

Timothy M. Kennedy

2019-S1551 - Details

2019-S1551 - Summary

2019-S1551 - Sponsor Memo

2019-S1551 - Bill Text download pdf

co-Sponsors

Timothy M. Kennedy

2019-S1551A (ACTIVE) - Details

2019-S1551A (ACTIVE) - Summary

2019-S1551A (ACTIVE) - Sponsor Memo

2019-S1551A (ACTIVE) - Bill Text download pdf

Comments