Bill Text: NY A06176 | 2023-2024 | General Assembly | Amended

New York Assembly Bill 6176

Bill Title: Relates to the assessment of residential real property transferred from a charitable nonprofit housing organization to low-income persons.

Spectrum: Moderate Partisan Bill (Democrat 15-2)

Status: (Introduced) 2024-03-15 - print number 6176a [A06176 Detail]

Download: New_York-2023-A06176-Amended.html


                STATE OF NEW YORK
        ________________________________________________________________________

                                         6176--A

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 3, 2023
                                       ___________

        Introduced  by M. of A. BARRETT, THIELE, AUBRY, GLICK, DARLING, DICKENS,
          HYNDMAN, WOERNER, JONES, EACHUS, BEEPHAN, SIMPSON  --  read  once  and
          referred  to the Committee on Real Property Taxation -- 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 real property tax law, in relation to the assessment
          of residential real property transferred from a  charitable  nonprofit
          housing organization to low-income persons

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

     1    Section 1. The real property tax  law  is  amended  by  adding  a  new
     2  section 581-c to read as follows:
     3    §  581-c.  Assessment  of residential real property transferred from a
     4  charitable nonprofit housing organization to a low-income person. 1.  As
     5  used in this section:
     6    (a) "Charitable nonprofit housing  organization"  means  a  charitable
     7  nonprofit  organization  whose  primary  purpose  is the construction or
     8  renovation of residential housing for conveyance to a low-income person.
     9    (b) "Eligible nonprofit housing property" or "property" means property
    10  transferred by a charitable nonprofit housing organization to a  low-in-
    11  come  person  and  occupied  by  such low-income person as their primary
    12  residence.
    13    (c) "Low-income person" means an individual or family whose  household
    14  income  does  not exceed eighty percent of the area median income (AMI),
    15  adjusted for family size and as annually defined by  the  United  States
    16  department  of housing and urban development, who is eligible to partic-
    17  ipate in the charitable nonprofit housing organization's  program  based
    18  on criteria established by the charitable nonprofit housing organization
    19  and who occupies such property as their primary residence.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08607-03-4

        A. 6176--A                          2

     1    (d)  "Initial  taxable  value"  and "initial assessed value" means the
     2  subsidized purchase price of any eligible nonprofit housing property and
     3  the full fair market value for such nonprofit housing  property  on  the
     4  assessment rolls which shall not exceed the subsidized purchase price.
     5    (e)  "Subsidized  purchase  price" means an amount equal to the sum of
     6  (i) the first mortgage amount filed with the county clerk, plus (ii) the
     7  actual cash down payment paid by the purchaser. The closing statement or
     8  sworn affidavit filed with the county clerk or local  assessor's  office
     9  by  the  seller's  attorney shall be conclusive evidence of the value of
    10  subparagraphs (i) and (ii) of this paragraph.
    11    (f) "Subsequent taxable value" and "subsequent assessed value"  means,
    12  in  years  subsequent  to the calendar year of the transfer, the initial
    13  assessed value of any eligible  nonprofit  housing  property;  provided,
    14  however, that for as long as any low-income person owns and occupies the
    15  property, the only basis for increasing the initial assessed value shall
    16  be capital improvements made to the property, if any.
    17    (g)  "Transfer"  means  a  conveyance  of an interest in real property
    18  whether by deed or a leasehold grant for not less than forty-nine years.
    19    2. For any eligible nonprofit housing property acquired by  a  low-in-
    20  come  person  on  or  after January first, two thousand twenty-five, the
    21  full market value of such property shall not be greater than the initial
    22  taxable value, as defined in subdivision one of this section.    In  the
    23  year  immediately  succeeding  the  year in which the acquisition of any
    24  eligible nonprofit housing property by a low-income  person  occurs  and
    25  each year thereafter, the full market value of the property shall not be
    26  greater than the subsequent taxable value and subsequent assessed value,
    27  as  defined in subdivision one of this section.  Any reassessment of any
    28  eligible nonprofit housing property shall in no event exceed the greater
    29  of (i) the initial taxable value and initial assessed value or (ii)  the
    30  subsequent  taxable  value  and subsequent assessed value, as defined in
    31  subdivision one of this section.
    32    § 2. This act shall take effect immediately.