Bill Text: NY S01458 | 2015-2016 | General Assembly | Amended
Bill Title: Extends eligibility for tax exemption to the extent of any increase in assessed value of residential property resulting from the construction or reconstruction of such property for the purpose of providing living quarters for certain related senior or disabled relatives.
Spectrum: Slight Partisan Bill (Republican 2-1)
Status: (Engrossed - Dead) 2016-06-02 - referred to real property taxation [S01458 Detail]
Download: New_York-2015-S01458-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1458--A 2015-2016 Regular Sessions IN SENATE January 12, 2015 ___________ Introduced by Sens. GOLDEN, FELDER -- read twice and ordered printed, and when printed to be committed to the Committee on Aging -- recom- mitted to the Committee on Aging in accordance with Senate Rule 6, sec. 8 -- 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 assessment exemptions for living quarters for a parent or grandparent The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivisions 1 and 3 of section 469 of the real property 2 tax law, as added by chapter 377 of the laws of 2000, subdivision 1 as 3 further amended by subdivision (b) of section 1 of part W of chapter 56 4 of the laws of 2010, are amended to read as follows: 5 1. A county, city, town, village or school district acting through its 6 local legislative body is hereby authorized and empowered to adopt and 7 amend local laws, or resolutions in the case of school districts, to 8 provide for an exemption from taxation to the extent of any increase in 9 assessed value of residential property resulting from the construction 10 or reconstruction of such property for the purpose of providing living 11 quarters for a parent or grandparent, who is sixty-two years of age or 12 older, or another eligible person, as defined in subdivision five-a of 13 this section. Such exemption shall not exceed (a) the increase in 14 assessed value resulting from construction or reconstruction of such 15 property, or (b) twenty percent of the total assessed value of such 16 property as improved, or (c) twenty percent of the median sale price of 17 residential property as reported in the most recent sales statistical 18 summary published by the commissioner for the county in which the prop- 19 erty is located, whichever is less. 20 3. Such exemption shall be applicable only to construction or recon- 21 struction which occurred subsequent to the effective date of this 22 section and shall only apply during taxable years during which at least EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05912-03-6
