Bill Text: NY A01203 | 2017-2018 | General Assembly | Amended
Bill Title: Increases the average assessed value threshold; relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.
Spectrum: Strong Partisan Bill (Democrat 10-1)
Status: (Introduced - Dead) 2018-03-23 - print number 1203b [A01203 Detail]
Download: New_York-2017-A01203-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1203--B 2017-2018 Regular Sessions IN ASSEMBLY January 11, 2017 ___________ Introduced by M. of A. BRAUNSTEIN, BENEDETTO, MOSLEY, JAFFEE, DenDEKKER, COLTON, O'DONNELL -- Multi-Sponsored by -- M. of A. COOK, HIKIND, LALOR, RIVERA -- read once and referred to the Committee on Real Prop- erty Taxation -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- 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 to amend the administrative code of the city of New York and the real property tax law, in relation to increasing the average assessed value threshold; and to amend the real property tax law, in relation to the eligibility for J-51 tax abatements to reflect cost of living adjustments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (ii) of paragraph 3 of subdivision d of 2 section 11-243 of the administrative code of the city of New York, as 3 amended by local law number 49 of the city of New York for the year 4 1993, is amended to read as follows: 5 (ii) is owned as a condominium and is occupied as the residence or 6 home of three or more families living independently of each other; 7 provided, however, that, in addition to all other conditions of eligi- 8 bility for the benefits of this section, except for multiple dwellings 9 in which units have been newly created by substantial rehabilitation of 10 vacant buildings or conversions of non-residential buildings, the avail- 11 ability of benefits under this section for such multiple dwellings, 12 buildings or structures shall be conditioned on the following: (a) 13 alterations or improvements to at least one building-wide system are 14 part of the application for benefits, and (b) (i) the assessed valuation 15 of such multiple dwelling, building, or structure, including land, shall 16 not exceed an average of [thirty] fifty thousand dollars per dwelling EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07089-05-8A. 1203--B 2 1 unit at the time of the commencement of the alterations or improvements, 2 and (ii) during the three years immediately preceding the commencement 3 of the alterations or improvements the average per room sale price of 4 the dwelling units or the stock allocated to such dwelling units shall 5 have been no greater than thirty-five percent of the maximum mortgage 6 amount for a single family home eligible for purchase by the Federal 7 National Mortgage Association; provided that if less than ten percent of 8 the dwelling units or an amount of stock less than the amount allocable 9 to ten percent of such dwelling units was not transferred during such 10 preceding three year period, eligibility for benefits shall be condi- 11 tioned upon the multiple dwelling, building, or structure having an 12 assessed valuation per dwelling unit of no more than twenty-five thou- 13 sand dollars at the time of the commencement of the alterations or 14 improvements. Provided, further, that such benefits shall be available 15 only for alterations or improvements commenced on or after June first, 16 nineteen hundred eighty-six. 17 § 2. The opening paragraph of paragraph (a) of subdivision 1 of 18 section 489 of the real property tax law, as amended by section 19 of 19 part A of chapter 20 of the laws of 2015, is amended to read as follows: 20 Any city to which the multiple dwelling law is applicable, acting 21 through its local legislative body or other governing agency, is hereby 22 authorized and empowered, to and including January first, two thousand 23 [nineteen] twenty-two, to adopt and amend local laws or ordinances 24 providing that any increase in assessed valuation of real property shall 25 be exempt from taxation for local purposes, as provided herein, to the 26 extent such increase results from: 27 § 3. The closing paragraph of subparagraph 6 of paragraph (a) of 28 subdivision 1 of section 489 of the real property tax law, as amended by 29 section 20 of part A of chapter 20 of the laws of 2015, is amended to 30 read as follows: 31 Such conversion, alterations or improvements shall be completed within 32 thirty months after the date on which same shall be started except that 33 such thirty month limitation shall not apply to conversions of residen- 34 tial units which are registered with the loft board in accordance with 35 article seven-C of the multiple dwelling law pursuant to subparagraph 36 one of this paragraph. Notwithstanding the foregoing, a sixty month 37 period for completion shall be available for alterations or improvements 38 undertaken by a housing development fund company organized pursuant to 39 article eleven of the private housing finance law, which are carried out 40 with the substantial assistance of grants, loans or subsidies from any 41 federal, state or local governmental agency or instrumentality or which 42 are carried out in a property transferred from such city if alterations 43 and improvements are completed within seven years after the date of 44 transfer. In addition, the local housing agency is hereby empowered to 45 grant an extension of the period of completion for any project carried 46 out with the substantial assistance of grants, loans or subsidies from 47 any federal, state or local governmental agency or instrumentality, if 48 such alterations or improvements are completed within sixty months from 49 commencement of construction. Provided, further, that such conversion, 50 alterations or improvements shall in any event be completed prior to 51 June thirtieth, two thousand [nineteen] twenty-two. Exemption for 52 conversions, alterations or improvements pursuant to subparagraph one, 53 two, three or four of this paragraph shall continue for a period not to 54 exceed fourteen years and begin no sooner than the first quarterly tax 55 bill immediately following the completion of such conversion, alter- 56 ations or improvements. Exemption for alterations or improvements pursu-A. 1203--B 3 1 ant to this subparagraph or subparagraph five of this paragraph shall 2 continue for a period not to exceed thirty-four years and shall begin no 3 sooner than the first quarterly tax bill immediately following the 4 completion of such alterations or improvements. Such exemption shall be 5 equal to the increase in the valuation which is subject to exemption in 6 full or proportionally under this subdivision for ten or thirty years, 7 whichever is applicable. After such period of time, the amount of such 8 exempted assessed valuation of such improvements shall be reduced by 9 twenty percent in each succeeding year until the assessed value of the 10 improvements are fully taxable. Provided, however, exemption for any 11 conversion, alterations or improvements which are aided by a loan or 12 grant under article eight, eight-A, eleven, twelve, fifteen or twenty- 13 two of the private housing finance law, section six hundred ninety-six-a 14 or section ninety-nine-h of the general municipal law, or section three 15 hundred twelve of the housing act of nineteen hundred sixty-four (42 16 U.S.C.A. 1452b), or the Cranston-Gonzalez national affordable housing 17 act (42 U.S.C.A. 12701 et. seq.), or started after July first, nineteen 18 hundred eighty-three by a housing development fund company organized 19 pursuant to article eleven of the private housing finance law which are 20 carried out with the substantial assistance of grants, loans or subsi- 21 dies from any federal, state or local governmental agency or instrumen- 22 tality or which are carried out in a property transferred from any city 23 and where alterations and improvements are completed within seven years 24 after the date of transfer may commence at the beginning of any tax 25 quarter subsequent to the start of such conversion, alterations or 26 improvements and prior to the completion of such conversion, alterations 27 or improvements. 28 § 4. Subparagraph (iv) of paragraph (c) of subdivision 17 of section 29 489 of the real property tax law, as added by chapter 388 of the laws of 30 2016, is amended to read as follows: 31 (iv) Notwithstanding anything to the contrary contained herein, the 32 assessed value limitation shall not at any time exceed [thirty-five] 33 fifty thousand dollars. 34 § 5. This act shall take effect immediately.
