Assembly Bill A7097

2021-2022 Legislative Session

Relates to the tax exemption of capital improvements to residential buildings

download bill text pdf

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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-A7097 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-f, RPT L
Versions Introduced in 2023-2024 Legislative Session:
A1289

2021-A7097 (ACTIVE) - Summary

Increases the cap on the real property tax exemption of capital improvements to residential buildings.

2021-A7097 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7097
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 22, 2021
                                ___________
 
 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  exemption  of
   capital improvements to residential 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 section 3 of
 part WW of chapter 55 of the  laws  of  2021,  is  amended  to  read  as
 follows:
   (iii)  Except  in  a  special  assessing unit that is not a city, such
 exemption shall be limited to [eighty] ONE HUNDRED  FORTY-FIVE  thousand
 dollars  in increased market value, or such other sum less than [eighty]
 ONE HUNDRED FORTY-FIVE thousand dollars, but not less than five thousand
 dollars as may be provided by the local law or resolution, of the  prop-
 erty  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. In a special
 assessing unit that is not a city, the exemption  shall  be  limited  to
 seven  hundred fifty thousand dollars in increased market value. For the
 purposes of this section, the market value of the reconstruction, alter-
 ation or improvement, or new construction as authorized  by  subdivision
 one-a  of  this  section, shall be equal to the increased assessed value
 attributable to such  reconstruction,  alteration,  improvement  or  new
 construction  divided by the class one ratio in a special assessing unit
 or the most recently established  state  equalization  rate  or  special
 equalization  rate in the remainder of the state, except where the state
 equalization rate or special equalization rate equals or  exceeds  nine-
 ty-five  percent, in which case the increase in assessed value attribut-
 able to such reconstruction, alteration, improvement or new construction

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10935-02-1

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