Assembly Bill A4693

2023-2024 Legislative Session

Relates to a real property tax exemption for property owned by a limited liability company

download bill text pdf

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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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2023-A4693 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: A8624
2015-2016: A4805
2017-2018: A2760
2019-2020: A4820
2021-2022: A2197

2023-A4693 (ACTIVE) - Summary

Permits a STAR exemption for property owned by a limited liability company where the limited liability company is owned by a person to whom the exemption would have otherwise been granted.

2023-A4693 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4693
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 22, 2023
                                ___________
 
 Introduced  by M. of A. SMULLEN -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to a real proper-
   ty tax exemption for property owned by a limited liability company
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision 3 of section 425 of the real property tax law
 is amended by adding a new paragraph (e-1) to read as follows:
   (E-1) DWELLINGS OWNED BY A LIMITED LIABILITY COMPANY. IF  LEGAL  TITLE
 TO  A  DWELLING  IS  HELD  BY A LIMITED LIABILITY COMPANY, THE EXEMPTION
 SHALL BE GRANTED IF THE PROPERTY SERVES AS THE PRIMARY RESIDENCE OF  ONE
 OR  MORE  OF THE MEMBERS OF THE LIMITED LIABILITY COMPANY, PROVIDED THAT
 THE MEMBER OR MEMBERS WHO PRIMARILY RESIDE THEREON PERSONALLY PAY ALL OF
 THE REAL PROPERTY TAXES AND OTHER COSTS ASSOCIATED WITH  THE  PROPERTY'S
 OWNERSHIP.
   § 2. This act shall take effect immediately.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09602-01-3

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