Assembly Bill A1289A

2023-2024 Legislative Session

Relates to the tax exemption of capital improvements to residential buildings

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Current 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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Bill Amendments

2023-A1289 - Details

Current Committee:
Assembly Ways And Means
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-f, RPT L
Versions Introduced in 2021-2022 Legislative Session:
A7097

2023-A1289 - Summary

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

2023-A1289 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1289
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2023
                                ___________
 
 Introduced by M. of A. WILLIAMS -- read once and referred to the Commit-
   tee 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.
                                                            LBD05596-01-3
 A. 1289                             2

2023-A1289A (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
Real Property Tax Law
Laws Affected:
Amd §421-f, RPT L
Versions Introduced in 2021-2022 Legislative Session:
A7097

2023-A1289A (ACTIVE) - Summary

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

2023-A1289A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1289--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 17, 2023
                                ___________
 
 Introduced by M. of A. WILLIAMS -- read once and referred to the Commit-
   tee  on  Real  Property  Taxation  --  recommitted to the Committee on
   Transportation in accordance with Assembly Rule 3, sec. 2 -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 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 SIXTY-EIGHT  thousand
 dollars  in increased market value, or such other sum less than [eighty]
 ONE-HUNDRED SIXTY-EIGHT thousand dollars, but not less than  five  thou-
 sand  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.  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-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05596-02-4

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