NY State Senate Bill 2023-S9090

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 22, 2024	referred to housing, construction and community development

2023-S9090 (ACTIVE) - Details

See Assembly Version of this Bill:: A1401
Current Committee:: Senate Housing, Construction And Community Development
Law Section:: Private Housing Finance Law
Laws Affected:: Add Art 32 §§1290 - 1292, Priv Hous Fin L; amd §606, Tax L; add §463, RPT L
Versions Introduced in 2021-2022 Legislative Session:: A9872

2023-S9090 (ACTIVE) - Summary

Enacts the "accessory dwelling unit incentive act" to establish the accessory dwelling unit forgivable loan program by the division of homes and community renewal; defines terms; makes related provisions.

2023-S9090 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S9090

SPONSOR: RYAN
 
TITLE OF BILL:

An act to amend the private housing finance law, the tax law and the
real property tax law, in relation to enacting the accessory dwelling
unit incentive act

 
PURPOSE:

The purpose of this bill is to establish financial incentives to build
accessory dwelling units as a means of creating more affordable housing.

 
SUMMARY OF PROVISIONS:

Section 1: Short title.

Section 2: creates a new article 32 of the private housing finance law
establishing the Accessory Dwelling Unit Forgivable Loan Program.

Section 1290 of the new Article 32 outlines the legislative findings and

purpose. This section outlines the shortage of affordable housing state-
wide, and the need for creative solutions to this crisis.

Section 1291 of the new Article 32 is the definitions section.

Section 1292 of the new Article 32 establishes the parameters of the
Accessory Dwelling Unit Forgivable Loan Program. This section specifies
that eligible accessory dwelling units (ADUs) must be located on an
owner occupied property, and it establishes requirements for the loans
including: (i) a maximum amount of $75,000 or 50% of the eligible
project costs; (ii) an interest rate tied to the prevailing market rate;
(iii) a 20-year loan term; (iv) that the ADU be leased to a tenant meet-
ing the income and rent guidelines; (v) loaf forgiveness when the ADU is
leased to such tenants for the entire 20-year period; (vi) that total
liens not exceed 100% of the past construction value of the property at
the time of closing; and the the eligible costs for the loan include
permit fees, design, and construction.  This section also specifies that
the income limit for people to live in an eligible ADU is the same as
the income limit for the NY mortgage agency low interest rate loan
program, that the rent limits are calculated at 70% of AMI, that the
Division of Homes and Community Renewal (DHCR) will set market rate rent
for ADU's, that there is no income limit for the borrower. Additionally,
this section specifies that any ADUs financed through this program must
be leased for a term of at least a year, and it sets out reporting
requirements for DHCR.

Section 3: amends section 606 of the tax law by creating a new
subsection (bbb), which creates a refundable tax credit for all eligible
ADUs under Article 32 of the Private Housing Finance Law.  This tax
credit will be capped at 50% of the difference between the market rate
rent and the rent actually charged, with a maximum credit of $10,000.

Section 4: adds a new section 463 to the real property tax law, which
allows localities to pass a resolution exempting eligible ADUs from
taxation and ad valorem levies on improvements to property.

Section 5: severability clause.
Section 6: effective date.

 
JUSTIFICATION:

Millions of New York renters and homeowners are struggling to afford
exorbitant housing costs statewide. This has caused individuals and
families to forego other necessities, face threats of eviction, and
confront the possibility of having to leave their communities for lower
cost locations. Statewide median rental costs rose by nearly 13% with
adjustments for inflation from 2007 to 2017 compared to 2.5% increase in
median household incomes for renters in that same period, and housing
affordability challenges have only been exacerbated by the COVID-19
pandemic.

New York State is now at a crisis point in the availability of afforda-
ble housing. Notably, the creation of accessory dwelling units, attached
or detached units that allow for independent living on an existing resi-
dential property, is a proven way to increases the amount of housing in
a permitting community. However, one of the largest impediments to the
creation of accessory dwelling units, where allowable, is the upfront
capital costs of permitting, designing, and constructing and other
impediments to affordability.

The purpose of this act is to create a forgivable loan program, provide
an income tax credit, and a real property tax exemption to incentivize
property owners to construct accessory dwelling units where such units
are permitted.

 
LEGISLATIVE HISTORY:

2021-2022: A.9872-died in housing

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately

2023-S9090 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9090
 
                             I N  S E N A T E
 
                              April 22, 2024
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to  amend  the private housing finance law, the tax law and the
   real property tax law, in relation to enacting the accessory  dwelling
   unit incentive act

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Short title. This act shall be known and may  be  cited  as
 the "accessory dwelling unit incentive act".
   §  2. The private housing finance law is amended by adding a new arti-
 cle 32 to read as follows:
                                ARTICLE 32
              ACCESSORY DWELLING UNIT FORGIVABLE LOAN PROGRAM
 
 SECTION 1290. LEGISLATIVE FINDINGS AND PURPOSE.
         1291. DEFINITIONS.
         1292. ACCESSORY DWELLING UNIT FORGIVABLE LOAN PROGRAM.
   § 1290. LEGISLATIVE FINDINGS AND PURPOSE. THE LEGISLATURE HEREBY FINDS
 THAT ACCORDING TO A 2019 REPORT FROM THE STATE COMPTROLLER, MILLIONS  OF
 RENTERS AND HOMEOWNERS IN OUR STATE STRUGGLE WITH HIGH HOUSING COSTS. AS
 OF 2017, NEARLY 2.8 MILLION NEW YORK HOUSEHOLDS FACED HOUSING COSTS THAT
 WERE  30  PERCENT OR MORE OF THEIR INCOME, A COMMONLY ACCEPTED BENCHMARK
 FOR HOUSING AFFORDABILITY. ALMOST HALF OF ALL RENTERS AND MORE THAN  ONE
 IN  FOUR  HOMEOWNERS  WERE  IN  THIS  CATEGORY, ACCORDING TO U.S. CENSUS
 BUREAU DATA. BASED ON CRITERIA USED BY THE U.S.  DEPARTMENT  OF  HOUSING
 AND URBAN DEVELOPMENT, MORE THAN 1.3 MILLION HOUSEHOLDS - INCLUDING MORE
 THAN  ONE  OF  EVERY  FOUR RENTERS - WERE "SEVERELY BURDENED" BY HOUSING
 COSTS OF HALF OR MORE OF THEIR INCOME.  HIGH  HOUSING  COSTS  MAY  FORCE
 FAMILIES  AND  INDIVIDUALS  TO REDUCE OR FOREGO OTHER NECESSITIES.  MANY
 FIND IT IMPOSSIBLE TO PUT ASIDE SAVINGS FOR EMERGENCY NEEDS, COLLEGE  OR
 RETIREMENT.  SOME  MAY FACE EVICTION OR CONCLUDE THEIR ONLY CHOICE IS TO
 MOVE TO LOWER-COST LOCATIONS. SUCH OUTCOMES HAVE BROADER, HARMFUL IMPLI-
 CATIONS FOR NEW YORK'S ECONOMY.
   THE HOUSING AFFORDABILITY CHALLENGE  RESULTS  FROM  A  COMBINATION  OF
 FACTORS. STATEWIDE, MEDIAN RENTAL COSTS ROSE BY NEARLY 13 PERCENT, AFTER

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD05689-01-3
 S. 9090                             2
 
 ADJUSTING  FOR  INFLATION, OVER THE DECADE ENDING IN 2017, COMPARED TO A
 2.5 PERCENT INCREASE IN MEDIAN HOUSEHOLD INCOME FOR RENTERS.
   WHILE  RENTAL  AND  HOMEOWNER  COSTS ARE GENERALLY HIGHER IN DOWNSTATE
 REGIONS, THE CHALLENGE OF  AFFORDABILITY  EXTENDS  THROUGHOUT  NEW  YORK
 STATE.  HOUSING  AFFORDABILITY  CAN BE ELUSIVE FOR NEW YORKERS IN URBAN,
 SUBURBAN AND RURAL SETTINGS ALIKE.
   THESE HOUSING AFFORDABILITY CHALLENGES HAVE ONLY BEEN  EXACERBATED  BY
 THE  COVID-19 PANDEMIC, WITH HOUSING COSTS INCREASING AND HOUSING AVAIL-
 ABILITY DECREASING, WHILE NEW YORKERS FACE A MYRIAD  OF  OTHER  ECONOMIC
 AND  PERSONAL CHALLENGES BROUGHT ON BY THE PANDEMIC. THE AVAILABILITY OF
 AFFORDABLE HOUSING HAS REACHED CRISIS PROPORTIONS.
   ONE PROVEN SOLUTION TO AUGMENTING THE INVENTORY OF AFFORDABLE  HOUSING
 IS  THE  CREATION  OF ACCESSORY DWELLING UNITS. ACCESSORY DWELLING UNITS
 ARE  ATTACHED  OR  DETACHED  RESIDENTIAL  DWELLING  UNITS  THAT  PROVIDE
 COMPLETE  INDEPENDENT  LIVING FACILITIES FOR ONE OR MORE PERSONS LOCATED
 ON A LOT WITH A PROPOSED  OR  EXISTING  PRIMARY  RESIDENCE.  SUCH  UNITS
 INCLUDE  PERMANENT PROVISIONS FOR LIVING, SLEEPING, EATING, COOKING, AND
 SANITATION ON THE SAME LOT AS THE SINGLE-FAMILY OR MULTIFAMILY DWELLING.
   ONE OF THE LARGEST IMPEDIMENTS TO THE CREATION OF  ACCESSORY  DWELLING
 UNITS,  WHERE THEY ARE ALREADY LEGALLY PERMITTED, IS THE UPFRONT CAPITAL
 COST OF PERMITTING, DESIGN, AND CONSTRUCTION. IT IS THE PURPOSE OF  THIS
 ARTICLE TO CREATE A FORGIVABLE LOAN PROGRAM FOR THE CREATION OF ACCESSO-
 RY  DWELLING UNITS TO PROVIDE AN INCENTIVE TO PROPERTY OWNERS WHERE SUCH
 UNITS ARE LEGALLY PERMITTED BY LOCAL GOVERNMENT IN ORDER TO INCREASE THE
 LEVEL OF AFFORDABLE HOUSING OPPORTUNITIES FOR ALL NEW YORKERS.
   § 1291. DEFINITIONS. AS USED IN  THIS  ARTICLE,  THE  FOLLOWING  TERMS
 SHALL HAVE THE FOLLOWING MEANINGS:
   1.  "ACCESSORY  DWELLING  UNIT"  SHALL  MEAN AN ATTACHED OR A DETACHED
 RESIDENTIAL DWELLING UNIT  THAT  PROVIDES  COMPLETE  INDEPENDENT  LIVING
 FACILITIES  FOR  ONE  OR  MORE  PERSONS WHICH IS LOCATED ON A LOT WITH A
 PROPOSED OR EXISTING  PRIMARY  RESIDENCE  AND  SHALL  INCLUDE  PERMANENT
 PROVISIONS  FOR LIVING, SLEEPING, EATING, COOKING, AND SANITATION ON THE
 SAME LOT AS THE SINGLE-FAMILY OR MULTIFAMILY DWELLING.
   2. "DIVISION" SHALL MEAN THE NEW YORK  STATE  DIVISION  OF  HOMES  AND
 COMMUNITY RENEWAL.
   §  1292.  ACCESSORY  DWELLING UNIT FORGIVABLE LOAN PROGRAM.  1. WITHIN
 THE LIMIT OF FUNDS AVAILABLE, THE DIVISION SHALL ESTABLISH AN  ACCESSORY
 DWELLING UNIT FORGIVABLE LOAN PROGRAM, AS PROVIDED FOR BY THIS ARTICLE.
   2.  THE  DIVISION  SHALL PROMULGATE RULES AND REGULATIONS NECESSARY TO
 CARRY OUT SUCH PROGRAM, CONSISTENT WITH THIS ARTICLE.
   3. SUCH RULES AND REGULATIONS SHALL INCLUDE THE FOLLOWING CRITERIA:
   (A) THE ACCESSORY DWELLING UNIT MUST BE LOCATED ON AN  OWNER  OCCUPIED
 PROPERTY.
   (B)  THE  FORGIVABLE  LOAN  SHALL  INCLUDE, BUT NOT BE LIMITED TO, THE
 FOLLOWING REQUIREMENTS:
   (I) THE LOAN SHALL NOT EXCEED A MAXIMUM AMOUNT OF  SEVENTY-FIVE  THOU-
 SAND  DOLLARS  OR  FIFTY  PERCENT  OF  THE ELIGIBLE COST OF THE PROJECT,
 WHICHEVER IS LESS;
   (II) THE INTEREST RATE SHALL BE THE PREVAILING MARKET RATE, AS  DETER-
 MINED BY DIVISION;
   (III) THE TERM OF THE LOAN SHALL BE TWENTY YEARS;
   (IV)  THE  ACCESSORY  DWELLING UNIT MUST BE RENTED TO A TENANT MEETING
 THE INCOME AND RENT GUIDELINES ESTABLISHED BY THE DIVISION;
   (V) THE LOAN SHALL BE FORGIVEN IF THE ACCESSORY DWELLING UNIT IS RENT-
 ED TO TENANTS IN COMPLIANCE WITH THE INCOME AND RENT GUIDELINES FOR  THE
 ENTIRE TWENTY-YEAR PERIOD;
 S. 9090                             3

   (VI)  THE  LOAN  AND  RENT  RESTRICTIONS  SHALL  BE  SECURED BY A DULY
 EXECUTED LEGAL INSTRUMENT WHICH SHALL BE RECORDED AGAINST  THE  PROPERTY
 WITH THE APPROPRIATE LOCAL RECORDING OFFICER;
   (VII)  TOTAL  LIENS,  INCLUDING  THE  LOAN AUTHORIZED BY THIS ARTICLE,
 SHALL NOT EXCEED ONE HUNDRED PERCENT OF THE POST-CONSTRUCTION  VALUE  OF
 THE PROPERTY AT THE TIME OF THE LOAN CLOSING; AND
   (VIII)  ELIGIBLE COSTS FOR THE LOAN SHALL INCLUDE PERMIT FEES, DESIGN,
 AND CONSTRUCTION.
   (C) INCOME FOR INDIVIDUALS OCCUPYING AN ACCESSORY DWELLING UNIT  UNDER
 THIS  PROGRAM  SHALL NOT EXCEED ONE HUNDRED PERCENT OF THE INCOME LIMITS
 AS ESTABLISHED BY THE STATE OF NEW YORK  MORTGAGE  AGENCY  LOW  INTEREST
 RATE  LOAN  PROGRAM  IN  NON-TARGET CATEGORIES FOR A REGION IN WHICH THE
 ACCESSORY DWELLING UNIT IS LOCATED, ADJUSTED FOR HOUSEHOLD SIZE.
   (D) RENT LIMITS FOR EACH ACCESSORY DWELLING UNIT SHALL  BE  CALCULATED
 AT  SEVENTY  PERCENT  OF  THE AREA MEDIAN INCOME (AMI) ADJUSTED FOR UNIT
 SIZE AND INCLUDING UTILITY ALLOWANCES.
   (E) THE DIVISION SHALL ALSO CERTIFY THE MARKET RATE RENT FOR ACCESSORY
 DWELLING UNITS ON A REGIONAL BASIS ADJUSTED FOR UNIT SIZE AND  INCLUDING
 UTILITY ALLOWANCES.
   (F) THERE SHALL BE NO INCOME LIMIT FOR THE BORROWER.
   (G)  THE DIVISION MAY MAKE REASONABLE EXCEPTIONS TO THESE REQUIREMENTS
 WHERE THEY WOULD RESULT IN AN UNDUE HARDSHIP.
   4. AN ACCESSORY DWELLING UNIT FINANCED WITH  THE  ASSISTANCE  OF  THIS
 PROGRAM SHALL NOT BE RENTED FOR A TERM LESS THAN ONE YEAR.
   5.  THE DIVISION SHALL ISSUE AN ANNUAL REPORT, ON OR BEFORE JULY FIRST
 OF EACH YEAR, THAT INCLUDES AN ITEMIZED LIST OF  EACH  PROJECT  FINANCED
 THROUGH  THE  PROGRAM, INCLUDING A BRIEF DESCRIPTION OF THE PROJECT, ZIP
 CODE, AND COUNTY.
   6. THE DIVISION SHALL ESTABLISH A PROGRAM TO PROVIDE TECHNICAL ASSIST-
 ANCE TO ALL HOMEOWNERS SEEKING TO CREATE AN ACCESSORY DWELLING UNIT.
   § 3. Section 606 of the tax law is amended by adding a new  subsection
 (bbb) to read as follows:
   (BBB) CREDIT FOR ACCESSORY DWELLING UNIT MEETING AFFORDABLE INCOME AND
 RENTAL  GUIDELINES. (1) A TAXPAYER SHALL BE ALLOWED A CREDIT AGAINST THE
 TAX IMPOSED UNDER THIS ARTICLE, WHERE SUCH RESIDENT  OWNER  POSSESSES  A
 VALID  CERTIFICATE OF OCCUPANCY FOR AN ACCESSORY DWELLING UNIT AND RENTS
 SAID UNIT IN ACCORDANCE WITH THE OCCUPANCY, INCOME, AND RENT  GUIDELINES
 ESTABLISHED FOR ACCESSORY DWELLING UNITS, PURSUANT TO ARTICLE THIRTY-TWO
 OF THE PRIVATE HOUSING FINANCE LAW.
   (2)  THE  CREDIT  SHALL  BE IN AN AMOUNT EQUAL TO FIFTY PERCENT OF THE
 DIFFERENCE BETWEEN THE MARKET RATE RENT CERTIFIED PURSUANT TO  PARAGRAPH
 (E)  OF  SUBDIVISION  THREE  OF SECTION TWELVE HUNDRED NINETY-TWO OF THE
 PRIVATE HOUSING FINANCE LAW AND THE  AMOUNT  OF  RENT  ACTUALLY  CHARGED
 UNDER  THE  AFFORDABLE RENT GUIDELINES ENACTED PURSUANT TO PARAGRAPH (D)
 OF SUBDIVISION THREE OF SECTION TWELVE HUNDRED NINETY-TWO OF THE PRIVATE
 HOUSING FINANCE LAW, BUT NOT TO EXCEED THE MAXIMUM CREDIT OF  TEN  THOU-
 SAND DOLLARS.
   (3)  FOR  THE PURPOSES OF THIS SUBSECTION THE TERM "ACCESSORY DWELLING
 UNIT" SHALL HAVE THE SAME MEANING AS PROVIDED FOR IN SUBDIVISION ONE  OF
 SECTION TWELVE HUNDRED NINETY-ONE OF THE PRIVATE HOUSING FINANCE LAW.
   (4)  TO  BE ELIGIBLE FOR THIS CREDIT, THE INCOME AND RENT RESTRICTIONS
 SHALL BE SECURED BY A DULY EXECUTED  LEGAL  INSTRUMENT  WHICH  SHALL  BE
 RECORDED AGAINST THE PROPERTY WITH THE APPROPRIATE LOCAL RECORDING OFFI-
 CER. SAID INSTRUMENT SHALL BE FILED WITH ANY APPLICATION FOR THE CREDIT.
   (5)  IF THE AMOUNT OF THE CREDIT ALLOWED UNDER THIS SUBSECTION FOR ANY
 TAXABLE YEAR SHALL EXCEED THE TAXPAYER'S TAX FOR SUCH YEAR,  THE  EXCESS
 S. 9090                             4
 
 SHALL  BE TREATED AS AN OVERPAYMENT OF TAX TO BE CREDITED OR REFUNDED IN
 ACCORDANCE WITH THE PROVISIONS OF SECTION SIX HUNDRED EIGHTY-SIX OF THIS
 ARTICLE, PROVIDED, HOWEVER, THAT NO INTEREST SHALL BE PAID THEREON.
   §  4. The real property tax law is amended by adding a new section 463
 to read as follows:
   § 463. AFFORDABLE ACCESSORY DWELLING UNITS. 1. AFTER A PUBLIC HEARING,
 THE GOVERNING BODY OF A COUNTY, CITY, TOWN OR VILLAGE MAY ADOPT A  LOCAL
 LAW  OR  A  SCHOOL  DISTRICT  MAY  ADOPT  A RESOLUTION, PROVIDING FOR AN
 EXEMPTION PURSUANT TO THE PROVISIONS OF THIS SECTION. SUCH LOCAL LAW  OR
 RESOLUTION MAY PROVIDE THAT AN IMPROVEMENT TO ANY REAL PROPERTY USED FOR
 RESIDENTIAL  PURPOSES SHALL BE EXEMPT FROM TAXATION AND SPECIAL AD VALO-
 REM LEVIES TO THE EXTENT OF ANY INCREASE IN VALUE ATTRIBUTABLE  TO  SUCH
 IMPROVEMENT IF SUCH IMPROVEMENT IS USED FOR THE PURPOSE OF AN AFFORDABLE
 ACCESSORY  DWELLING  UNIT,  WHERE  SUCH RESIDENT OWNER POSSESSES A VALID
 CERTIFICATE OF OCCUPANCY FOR AN ACCESSORY DWELLING UNIT AND  RENTS  SAID
 UNIT  IN  ACCORDANCE  WITH  THE  OCCUPANCY,  INCOME, AND RENT GUIDELINES
 ESTABLISHED FOR ACCESSORY DWELLING UNITS, PURSUANT TO ARTICLE THIRTY-TWO
 OF THE PRIVATE HOUSING FINANCE LAW. FOR THE PURPOSES OF THIS SECTION THE
 TERM "ACCESSORY DWELLING UNIT" SHALL HAVE THE SAME MEANING  AS  PROVIDED
 FOR  IN  SUBDIVISION  ONE  OF  SECTION  TWELVE HUNDRED NINETY-ONE OF THE
 PRIVATE HOUSING FINANCE LAW. TO BE ELIGIBLE FOR THE  EXEMPTION  PROVIDED
 FOR  HEREIN,  THE  OCCUPANCY,  INCOME,  AND  RENT  RESTRICTIONS SHALL BE
 SECURED BY A DULY EXECUTED LEGAL  INSTRUMENT  WHICH  SHALL  BE  RECORDED
 AGAINST THE PROPERTY WITH THE APPROPRIATE LOCAL RECORDING OFFICER.
   2.  SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
 OR ALL OF THE OWNERS OF THE REAL PROPERTY ON A FORM PRESCRIBED AND  MADE
 AVAILABLE BY THE COMMISSIONER. THE APPLICANT SHALL FURNISH SUCH INFORMA-
 TION  AS  THE COMMISSIONER SHALL REQUIRE. THE APPLICATION SHALL BE FILED
 TOGETHER WITH A COPY OF THE LEGAL INSTRUMENT WITH THE  APPLICABLE  OCCU-
 PANCY,  INCOME  AND RENT RESTRICTIONS RECORDED AGAINST THE PROPERTY WITH
 THE ASSESSOR OF THE APPROPRIATE COUNTY, CITY, TOWN,  OR  VILLAGE  ON  OR
 BEFORE THE TAXABLE STATUS DATE OF SUCH COUNTY, CITY, TOWN, OR VILLAGE.
   3.  NOTWITHSTANDING  THE  PROVISIONS  OF  THIS  SECTION  OR  ANY OTHER
 PROVISION OF LAW, IN A CITY HAVING A POPULATION OF ONE MILLION OR  MORE,
 APPLICATIONS FOR THE EXEMPTION AUTHORIZED PURSUANT TO THIS SECTION SHALL
 BE  CONSIDERED TIMELY FILED IF THEY ARE FILED ON OR BEFORE THE FIFTEENTH
 DAY OF MARCH OF THE APPROPRIATE YEAR.
   4. IF THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED  TO  AN
 EXEMPTION  PURSUANT  TO  THIS  SECTION,  THE  ASSESSOR SHALL APPROVE THE
 APPLICATION AND ENTER THE TAXABLE ASSESSED VALUE OF THE PARCEL FOR WHICH
 AN EXEMPTION HAS BEEN GRANTED PURSUANT TO THIS SECTION ON THE ASSESSMENT
 ROLL WITH THE TAXABLE PROPERTY, WITH THE  AMOUNT  OF  THE  EXEMPTION  AS
 DETERMINED  PURSUANT  TO  SUBDIVISION  ONE OF THIS SECTION IN A SEPARATE
 COLUMN. ONCE GRANTED, THE EXEMPTION SHALL CONTINUE ON THE REAL  PROPERTY
 AS  LONG  AS THE ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED TO
 AN EXEMPTION PURSUANT TO THIS SECTION AND THAT THE REQUIREMENTS PROVIDED
 FOR HEREIN CONTINUE TO BE MET.
   § 5. If any clause, sentence, subdivision, paragraph, section or  part
 of  this act shall be adjudged by any court of competent jurisdiction to
 be invalid, and such decision is not reversed or is otherwise deemed  to
 be  final, such judgment shall not have the effect of rendering this act
 invalid, inoperative and void.
   § 6. This act shall take effect immediately.

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Senate Bill S9090

Sponsored By

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

2023-S9090 (ACTIVE) - Details

2023-S9090 (ACTIVE) - Summary

2023-S9090 (ACTIVE) - Sponsor Memo

2023-S9090 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S9090

Share this bill

Sponsored By

Sean M. Ryan

Current Bill Status - In Senate Committee Housing, Construction And Community Development Committee

2023-S9090 (ACTIVE) - Details

2023-S9090 (ACTIVE) - Summary

2023-S9090 (ACTIVE) - Sponsor Memo

2023-S9090 (ACTIVE) - Bill Text download pdf

Comments