Bill Text: NY A03121 | 2021-2022 | General Assembly | Introduced
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
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. LBD06960-01-1A. 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.