Bill Text: NY A04398 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 4398

Introduced

Bill Title: Relates to exemption from taxation of alterations and improvements to multiple dwellings by expanding certain provisions to include cities where the multiple residence law is applicable.

Spectrum: Partisan Bill (Republican 8-0)

Status: (Introduced) 2024-01-03 - referred to real property taxation [A04398 Detail]

Download: New_York-2023-A04398-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          4398

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 14, 2023
                                       ___________

        Introduced  by  M.  of A. FITZPATRICK, J. M. GIGLIO, MORINELLO, TAGUE --
          Multi-Sponsored by -- M. of A. BARCLAY, HAWLEY,  MANKTELOW,  McDONOUGH
          -- read once and referred to the Committee on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to exemption from
          taxation of alterations and improvements to multiple dwellings

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The opening paragraph of paragraph (a) of subdivision 1  of
     2  section  489  of the real property tax law, as amended by chapter 176 of
     3  the laws of 2021, is amended to read as follows:
     4    Any city to which the multiple dwelling law or the multiple  residence
     5  law  is  applicable,  acting through its local legislative body or other
     6  governing agency, is hereby authorized and empowered, to  and  including
     7  January first, two thousand twenty-two, to adopt and amend local laws or
     8  ordinances  providing  that  any  increase in assessed valuation of real
     9  property shall be exempt from taxation for local purposes,  as  provided
    10  herein, to the extent such increase results from:
    11    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08417-01-3