Bill Text: NY A10485 | 2021-2022 | General Assembly | Introduced

New York Assembly Bill 10485 (Prior Session Legislation)

Introduced

Bill Title: Authorizes Top Community Development Corporation to file an application for a real property tax exemption.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2022-05-27 - referred to real property taxation [A10485 Detail]

Download: New_York-2021-A10485-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          10485

                   IN ASSEMBLY

                                      May 27, 2022
                                       ___________

        Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Weinstein,
          Cunningham) -- read once and referred to the Committee on Real Proper-
          ty Taxation

        AN ACT to authorize Top Community Development  Corporation  to  file  an
          application for a real property tax exemption

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

     1    Section 1. Notwithstanding any other provision of law to the contrary,
     2  the commissioner of the New York city department of  finance  is  hereby
     3  authorized  to  accept  from  Top  Community  Development Corporation an
     4  application for exemption from real property taxes pursuant  to  section
     5  420-a of the real property tax law for the 2019 assessment roll, for the
     6  parcel  located  in  the  county of Kings at 1274 Utica Avenue otherwise
     7  known as section Brooklyn, 03 block 4760 lot 12, 03 block 4761  lot  53,
     8  03  block 4761 lot 58. If accepted, the application shall be reviewed as
     9  if it had been received on or before the taxable status date established
    10  for such roll.
    11    If satisfied that the Top  Community  Development  Corporation:    (i)
    12  acquired  title  to the property for which it seeks exemption subsequent
    13  to the taxable status date established for such roll and  prior  to  the
    14  taxable  status date for the next ensuing assessment roll and (ii) would
    15  otherwise be entitled to such exemption if  such  entity  had  filed  an
    16  application  for  exemption  by the appropriate taxable status date, the
    17  commissioner of the New York city department of finance,  upon  approval
    18  by  the  city  council of the city of New York, may grant exemption from
    19  all taxation beginning with the date of acquisition of the  property  by
    20  such  entity  and  make  appropriate  correction to the subject roll. If
    21  exemption is granted and such entity therefore shall have paid  any  tax
    22  with  respect to the subject roll, the department of finance may, in its
    23  sole discretion, provide for the refund of those  taxes  paid  including
    24  the  amount  of  any  taxes  held in escrow pursuant to the sale of such
    25  property and  cancel  taxes,  fines,  penalties  or  interest  remaining
    26  unpaid.
    27    § 2. This act shall take effect immediately.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04058-01-1