Assembly Bill A6667

2021-2022 Legislative Session

Authorizes the town of Southampton, county of Suffolk, to enact a homestead exemption and cap on assessment increases for real property tax purposes

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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-A6667 (ACTIVE) - Details

See Senate Version of this Bill:
S5984
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Taxation
Versions Introduced in 2023-2024 Legislative Session:
A3872, S2094

2021-A6667 (ACTIVE) - Summary

Authorizes the town of Southampton, county of Suffolk, to enact by local law a homestead exemption; provides that such exemption shall not exceed $50,000 in full assessed value; authorizes a cap on all annual assessment increases for residential property, not to exceed five percent.

2021-A6667 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
     S. 5984                                                  A. 6667
 
                        2021-2022 Regular Sessions
 
                       S E N A T E - A S S E M B L Y
 
                              March 25, 2021
                                ___________
 
 IN SENATE -- Introduced by Sen. PALUMBO -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Local Govern-
   ment
 
 IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
   to the Committee on Real Property Taxation

 AN ACT authorizing the town of Southampton, county of Suffolk, to  enact
   by  a  local law a homestead exemption and cap on assessment increases
   for real property tax purposes
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Notwithstanding any provision of law to the contrary, the
 town of Southampton, county of Suffolk may enact by local  law  a  home-
 stead  exemption  from real property taxation as provided herein. Eligi-
 bility for such homestead exemption shall be the same as for  the  basic
 school  tax relief (STAR) exemption pursuant to subdivision 3 of section
 425 of the real property tax law. The exemption shall be uniform for all
 eligible real property and shall not exceed  $50,000  in  full  assessed
 value.
   §  2.  In  addition to the homestead exemption provided for in section
 one of this act, the town of Southampton also  may  enact  a  local  law
 providing  for  a cap on all annual assessment increases for residential
 property, attributable solely to market trend adjustments, not to exceed
 five percent. This section shall not affect other assessment adjustments
 attributable to other factors  unrelated  to  market  trends.  Upon  the
 transfer  of any such real property, the assessment of any such property
 shall be reassessed pursuant to section 305 of the real property tax law
 at the full value or at the uniform percentage of value  without  regard
 to this section.
   § 3. This act shall take effect immediately.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09778-02-1

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