Assembly Bill A3121

2021-2022 Legislative Session

Increases the amount of the exemption permitted for capital improvements to residential buildings

download bill text pdf

Sponsored By

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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2021-A3121 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-f, RPT L
Versions Introduced in Other Legislative Sessions:
2017-2018: A10375
2019-2020: A2563
2023-2024: A3889

2021-A3121 (ACTIVE) - Summary

Increases the amount of the exemption permitted for capital improvements to residential buildings from $80,000 to $200,000 where a local law or resolution is adopted on or after January 1, 2022.

2021-A3121 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3121
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 22, 2021
                                ___________
 
 Introduced  by  M. of A. FAHY -- read once and referred to the Committee
   on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to increasing the
   amount of the exemption permitted for capital improvements to residen-
   tial buildings
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (iii)  of paragraph (a) of subdivision 2 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:
   (iii) [Such] FOR EXEMPTIONS  GRANTED  PURSUANT  TO  THIS  SECTION  AND
 AUTHORIZED  BY A LOCAL LAW OR RESOLUTION ADOPTED PRIOR TO JANUARY FIRST,
 TWO THOUSAND TWENTY-TWO, SUCH exemption shall be limited to eighty thou-
 sand dollars in increased market value, or  such  other  sum  less  than
 eighty  thousand dollars, but not less than five thousand dollars as may
 be provided by the local law or resolution, of the property attributable
 to such reconstruction, alteration or improvement and  any  increase  in
 market  value  greater  than  such  amount shall not be eligible for the
 exemption pursuant to this section.  FOR EXEMPTIONS GRANTED PURSUANT  TO
 THIS  SECTION  AND AUTHORIZED BY A LOCAL LAW OR RESOLUTION ADOPTED ON OR
 AFTER JANUARY FIRST, TWO THOUSAND TWENTY-TWO, SUCH  EXEMPTION  SHALL  BE
 LIMITED  TO  TWO  HUNDRED THOUSAND DOLLARS IN INCREASED MARKET VALUE, OR
 SUCH OTHER SUM LESS THAN TWO HUNDRED THOUSAND DOLLARS, BUT NOT LESS THAN
 FIVE THOUSAND DOLLARS AS MAY BE PROVIDED BY THE LOCAL LAW OR RESOLUTION,
 OF THE PROPERTY  ATTRIBUTABLE  TO  SUCH  RECONSTRUCTION,  ALTERATION  OR
 IMPROVEMENT  AND  ANY  INCREASE IN MARKET VALUE GREATER THAN SUCH AMOUNT
 SHALL NOT BE ELIGIBLE FOR THE EXEMPTION PURSUANT TO  THIS  SECTION.  For
 the  purposes  of  this section, the market value of the reconstruction,
 alteration or improvement shall be equal to the increased assessed value
 attributable to such reconstruction, alteration or  improvement  divided
 by  the  class  I ratio in a special assessing unit or the most recently
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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