Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 29, 2020 |
referred to housing, construction and community development |
Senate Bill S8436
2019-2020 Legislative Session
Sponsored By
(D) 6th Senate District
Archive: Last Bill Status - In Senate Committee Housing, Construction And Community Development 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
2019-S8436 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A10649
- Current Committee:
- Senate Housing, Construction And Community Development
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §421-f, RPT L
- Versions Introduced in 2021-2022 Legislative Session:
-
S4265, A2566
2019-S8436 (ACTIVE) - Sponsor Memo
BILL NUMBER: S8436 SPONSOR: THOMAS TITLE OF BILL: An act to amend the real property tax law, in relation to authorizing an exemption for class one capital improvements to residential buildings and certain new construction in a special assessing unit that is not a city PURPOSE: This bill would amend the Real Property Tax Law ("RPTL") to provide Nassau County class one homeowners an expanded exemption to transition the increased value of capital improvements to residential buildings and new construction up to $750,000 for assessment purposes. SUMMARY OF PROVISIONS: Section one of the bill amends the heading of 421-f of the Real Property Tax Law to "Exemption of capital improvements to residential buildings
2019-S8436 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 8436 I N S E N A T E May 29, 2020 ___________ Introduced by Sen. THOMAS -- read twice and ordered printed, and when printed to be committed to the Committee on Housing, Construction and Community Development AN ACT to amend the real property tax law, in relation to authorizing an exemption for class one capital improvements to residential buildings and certain new construction in a special assessing unit that is not a city THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The section heading of section 421-f of the real property tax law, as amended by chapter 590 of the laws of 1994, is amended to read as follows: Exemption of capital improvements to residential buildings AND CERTAIN NEW CONSTRUCTION. § 2. Section 421-f of the real property tax law is amended by adding a new subdivision 1-a to read as follows: 1-A. BUILDINGS CLASSIFIED AS CLASS ONE PROPERTY IN SECTION EIGHTEEN HUNDRED TWO OF THIS CHAPTER RECONSTRUCTED, ALTERED, IMPROVED, OR NEWLY CONSTRUCTED IN A SPECIAL ASSESSING UNIT THAT IS NOT A CITY SHALL BE EXEMPT FROM TAXATION AND SPECIAL AD VALOREM LEVIES IN THE SAME MANNER AND TO THE SAME EXTENT AS COUNTY, TOWN, SPECIAL DISTRICT AND SCHOOL DISTRICT TAXES LEVIED ON THE ASSESSMENT ROLL PREPARED BY SUCH SPECIAL ASSESSING UNIT. AN APPLICATION SHALL NOT BE REQUIRED TO RECEIVE THE EXEMPTION. § 3. Subdivisions 2 and 3 of section 421-f of the real property tax law, as amended by chapter 590 of the laws of 1994, subparagraph (ii) of paragraph (a) of subdivision 2 and subdivision 3 as further amended by subdivision (b) of section 1 of part W of chapter 56 of the laws of 2010, are amended to read as follows: 2. (a) Such buildings shall be exempt for a period of one year to the extent of one hundred per centum of the increase in assessed value ther- eof attributable to such reconstruction, alteration or improvement, AND NEW CONSTRUCTION PURSUANT TO SUBDIVISION ONE-A OF THIS SECTION, and for an additional period of seven years subject to the following: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
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