Bill Text: NY S01487 | 2017-2018 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Increases the average assessed value threshold; relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2018-06-20 - COMMITTED TO RULES [S01487 Detail]

Download: New_York-2017-S01487-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          1487
                               2017-2018 Regular Sessions
                    IN SENATE
                                     January 9, 2017
                                       ___________
        Introduced by Sens. AVELLA, KLEIN -- read twice and ordered printed, and
          when printed to be committed to the Committee on Local Government
        AN  ACT to amend the real property tax law, in relation to the eligibil-
          ity for J-51 tax abatements to reflect cost of living adjustments
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Subparagraph  (iv)  of paragraph (c) of subdivision 17 of
     2  section 489 of the real property tax law, as added by chapter 388 of the
     3  laws of 2016, is amended to read as follows:
     4    (iv) Notwithstanding anything to the contrary  contained  herein,  the
     5  assessed  value  limitation  shall  not at any time exceed [thirty-five]
     6  forty thousand dollars.
     7    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07089-01-7
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