Assembly Bill A3872

2023-2024 Legislative Session

Authorizes the town of Southampton, county of Suffolk, to enact a homestead exemption

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Current Bill Status Via S2094 - Passed Assembly

  • 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-A3872 - Details

Law Section:
Real Property Taxation
Versions Introduced in 2021-2022 Legislative Session:
A6667

2023-A3872 - 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.

2023-A3872 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3872
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2023
                                ___________
 
 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.
                                                            LBD04835-01-3

2023-A3872A (ACTIVE) - Details

Law Section:
Real Property Taxation
Versions Introduced in 2021-2022 Legislative Session:
A6667

2023-A3872A (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.

2023-A3872A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  3872--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2023
                                ___________
 
 Introduced by M. of A. THIELE -- read once and referred to the Committee
   on  Real  Property  Taxation  --  recommitted to the Committee on Real
   Property Taxation in accordance  with  Assembly  Rule  3,  sec.  2  --
   committee  discharged,  bill amended, ordered reprinted as amended and
   recommitted to said committee

 AN ACT authorizing the town of Southampton, county of Suffolk, to  enact
   by a local law a homestead exemption
 
   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. This act shall take effect immediately.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04835-02-4

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