Bill Text: NY A10252 | 2015-2016 | General Assembly | Introduced
Bill Title: Increases the average assessed valuation of certain multiple dwellings, buildings, or structures from thirty thousand dollars to fifty thousand dollars; extends provisions five years until June 30, 2021.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-05-18 - referred to real property taxation [A10252 Detail]
Download: New_York-2015-A10252-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 10252 IN ASSEMBLY May 18, 2016 ___________ Introduced by M. of A. BRAUNSTEIN -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to increasing the average assessed value threshold The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (i) of paragraph (b) of subdivision 17 of 2 section 489 of the real property tax law, as added by chapter 4 of the 3 laws of 2013, is amended to read as follows: 4 (i) except as otherwise provided in this section with respect to 5 multiple dwellings, buildings and structures owned and operated either 6 by limited-profit housing companies established pursuant to article two 7 of the private housing finance law or redevelopment companies estab- 8 lished pursuant to article five of the private housing finance law, or 9 with respect to a group of multiple dwellings that was developed as a 10 planned community and that is owned as two separate condominiums 11 containing a total of ten thousand or more dwelling units, any multiple 12 dwelling, building or structure that is owned as a cooperative or a 13 condominium that has an average assessed value of [thirty] fifty thou- 14 sand dollars or more per dwelling unit shall only be eligible for such 15 benefits if the alterations or improvements for which such multiple 16 dwelling, building or structure has applied for the benefits pursuant to 17 this section were carried out with substantial governmental assistance; 18 and 19 § 2. Subparagraph (ii) of paragraph 3 of subdivision d of section 20 11-243 of the administrative code of the city of New York, as amended by 21 local law number 49 of the city of New York for the year 1993, is 22 amended to read as follows: 23 (ii) is owned as a condominium and is occupied as the residence or 24 home of three or more families living independently of each other; 25 provided, however, that, in addition to all other conditions of eligi- 26 bility for the benefits of this section, except for multiple dwellings 27 in which units have been newly created by substantial rehabilitation of EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD11320-04-6A. 10252 2 1 vacant buildings or conversions of non-residential buildings, the avail- 2 ability of benefits under this section for such multiple dwellings, 3 buildings or structures shall be conditioned on the following: (a) 4 alterations or improvements to at least one building-wide system are 5 part of the application for benefits, and (b) (i) the assessed valuation 6 of such multiple dwelling, building, or structure, including land, shall 7 not exceed an average of [thirty] fifty thousand dollars per dwelling 8 unit at the time of the commencement of the alterations or improvements, 9 and (ii) during the three years immediately preceding the commencement 10 of the alterations or improvements the average per room sale price of 11 the dwelling units or the stock allocated to such dwelling units shall 12 have been no greater than thirty-five percent of the maximum mortgage 13 amount for a single family home eligible for purchase by the Federal 14 National Mortgage Association; provided that if less than ten percent of 15 the dwelling units or an amount of stock less than the amount allocable 16 to ten percent of such dwelling units was not transferred during such 17 preceding three year period, eligibility for benefits shall be condi- 18 tioned upon the multiple dwelling, building, or structure having an 19 assessed valuation per dwelling unit of no more than twenty-five thou- 20 sand dollars at the time of the commencement of the alterations or 21 improvements. Provided, further, that such benefits shall be available 22 only for alterations or improvements commenced on or after June first, 23 nineteen hundred eighty-six. 24 § 3. The opening paragraph of paragraph (a) of subdivision 1 of 25 section 489 of the real property tax law, as amended by section 19 of 26 part A of chapter 20 of the laws of 2015, is amended to read as follows: 27 Any city to which the multiple dwelling law is applicable, acting 28 through its local legislative body or other governing agency, is hereby 29 authorized and empowered, to and including January first, two thousand 30 [nineteen] twenty-one, to adopt and amend local laws or ordinances 31 providing that any increase in assessed valuation of real property shall 32 be exempt from taxation for local purposes, as provided herein, to the 33 extent such increase results from: 34 § 4. The closing paragraph of subparagraph 6 of paragraph (a) of 35 subdivision 1 of section 489 of the real property tax law, as amended by 36 section 20 of part A of chapter 20 of the laws of 2015, is amended to 37 read as follows: 38 Such conversion, alterations or improvements shall be completed within 39 thirty months after the date on which same shall be started except that 40 such thirty month limitation shall not apply to conversions of residen- 41 tial units which are registered with the loft board in accordance with 42 article seven-C of the multiple dwelling law pursuant to subparagraph 43 one of this paragraph. Notwithstanding the foregoing, a sixty month 44 period for completion shall be available for alterations or improvements 45 undertaken by a housing development fund company organized pursuant to 46 article eleven of the private housing finance law, which are carried out 47 with the substantial assistance of grants, loans or subsidies from any 48 federal, state or local governmental agency or instrumentality or which 49 are carried out in a property transferred from such city if alterations 50 and improvements are completed within seven years after the date of 51 transfer. In addition, the local housing agency is hereby empowered to 52 grant an extension of the period of completion for any project carried 53 out with the substantial assistance of grants, loans or subsidies from 54 any federal, state or local governmental agency or instrumentality, if 55 such alterations or improvements are completed within sixty months from 56 commencement of construction. Provided, further, that such conversion,A. 10252 3 1 alterations or improvements shall in any event be completed prior to 2 June thirtieth, two thousand [nineteen] twenty-one. Exemption for 3 conversions, alterations or improvements pursuant to subparagraph one, 4 two, three or four of this paragraph shall continue for a period not to 5 exceed fourteen years and begin no sooner than the first quarterly tax 6 bill immediately following the completion of such conversion, alter- 7 ations or improvements. Exemption for alterations or improvements pursu- 8 ant to this subparagraph or subparagraph five of this paragraph shall 9 continue for a period not to exceed thirty-four years and shall begin no 10 sooner than the first quarterly tax bill immediately following the 11 completion of such alterations or improvements. Such exemption shall be 12 equal to the increase in the valuation which is subject to exemption in 13 full or proportionally under this subdivision for ten or thirty years, 14 whichever is applicable. After such period of time, the amount of such 15 exempted assessed valuation of such improvements shall be reduced by 16 twenty percent in each succeeding year until the assessed value of the 17 improvements are fully taxable. Provided, however, exemption for any 18 conversion, alterations or improvements which are aided by a loan or 19 grant under article eight, eight-A, eleven, twelve, fifteen or twenty- 20 two of the private housing finance law, section six hundred ninety-six-a 21 or section ninety-nine-h of the general municipal law, or section three 22 hundred twelve of the housing act of nineteen hundred sixty-four (42 23 U.S.C.A. 1452b), or the Cranston-Gonzalez national affordable housing 24 act (42 U.S.C.A. 12701 et. seq.), or started after July first, nineteen 25 hundred eighty-three by a housing development fund company organized 26 pursuant to article eleven of the private housing finance law which are 27 carried out with the substantial assistance of grants, loans or subsi- 28 dies from any federal, state or local governmental agency or instrumen- 29 tality or which are carried out in a property transferred from any city 30 and where alterations and improvements are completed within seven years 31 after the date of transfer may commence at the beginning of any tax 32 quarter subsequent to the start of such conversion, alterations or 33 improvements and prior to the completion of such conversion, alterations 34 or improvements. 35 § 5. This act shall take effect immediately.
