Bill Text: NY A03121 | 2021-2022 | General Assembly | Introduced

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Bill Title: Increases the amount of the exemption permitted for capital improvements to residential buildings from $80,000 to $200,000 where a local law or resolution is adopted on or after January 1, 2022.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to real property taxation [A03121 Detail]

Download: New_York-2021-A03121-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          3121

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                    January 22, 2021
                                       ___________

        Introduced  by  M. of A. FAHY -- read once and referred to the Committee
          on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to increasing the
          amount of the exemption permitted for capital improvements to residen-
          tial buildings

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

     1    Section  1.  Subparagraph  (iii)  of paragraph (a) of subdivision 2 of
     2  section 421-f of the real property tax law, as amended by chapter 590 of
     3  the laws of 1994, is amended to read as follows:
     4    (iii) [Such] For exemptions  granted  pursuant  to  this  section  and
     5  authorized  by a local law or resolution adopted prior to January first,
     6  two thousand twenty-two, such exemption shall be limited to eighty thou-
     7  sand dollars in increased market value, or  such  other  sum  less  than
     8  eighty  thousand dollars, but not less than five thousand dollars as may
     9  be provided by the local law or resolution, of the property attributable
    10  to such reconstruction, alteration or improvement and  any  increase  in
    11  market  value  greater  than  such  amount shall not be eligible for the
    12  exemption pursuant to this section.  For exemptions granted pursuant  to
    13  this  section  and authorized by a local law or resolution adopted on or
    14  after January first, two thousand twenty-two, such  exemption  shall  be
    15  limited  to  two  hundred thousand dollars in increased market value, or
    16  such other sum less than two hundred thousand dollars, but not less than
    17  five thousand dollars as may be provided by the local law or resolution,
    18  of the property  attributable  to  such  reconstruction,  alteration  or
    19  improvement  and  any  increase in market value greater than such amount
    20  shall not be eligible for the exemption pursuant to  this  section.  For
    21  the  purposes  of  this section, the market value of the reconstruction,
    22  alteration or improvement shall be equal to the increased assessed value
    23  attributable to such reconstruction, alteration or  improvement  divided
    24  by  the  class  I ratio in a special assessing unit or the most recently

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06960-01-1
        A. 3121                             2

     1  established state equalization rate or special equalization rate in  the
     2  remainder  of  the  state,  except  where the state equalization rate or
     3  special equalization rate equals  or  exceeds  ninety-five  percent,  in
     4  which  case  the  increase in assessed value attributable to such recon-
     5  struction, alteration or improvement shall be deemed to equal the market
     6  value of such reconstruction, alteration or improvement.
     7    § 2. This act shall take effect immediately.