Bill Text: NY S07832 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides certain real property a 15% tax exemption.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2012-08-08 - REFERRED TO RULES [S07832 Detail]

Download: New_York-2011-S07832-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7832
                                   I N  S E N A T E
                                    August 8, 2012
                                      ___________
       Introduced  by  Sen. KENNEDY -- read twice and ordered printed, and when
         printed to be committed to the Committee on Rules
       AN ACT to amend the real property tax  law,  in  relation  to  providing
         certain real property a 15% tax exemption
         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 421-n to read as follows:
    3    S  421-N.  EXEMPTION  OF CERTAIN RESIDENTIAL PROPERTY FROM LOCAL TAXA-
    4  TION. 1. NOTWITHSTANDING THE PROVISIONS OF ANY GENERAL, SPECIAL OR LOCAL
    5  LAW TO THE CONTRARY, THE LOCAL LEGISLATIVE BODY OF  ANY  CITY,  TOWN  OR
    6  VILLAGE  IS  HEREBY  AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND A LOCAL
    7  LAW TO PROVIDE THAT REAL PROPERTY:
    8    (A) HELD IN CONDOMINIUM FORM OF OWNERSHIP;
    9    (B) THAT OTHERWISE SATISFIES THE PROVISIONS AND COMMON ELEMENTS ESTAB-
   10  LISHED BY ARTICLE NINE-B OF THE REAL PROPERTY LAW FOR  CLASSIFYING  REAL
   11  PROPERTY AS A CONDOMINIUM; AND
   12    (C) BUT FOR THE FAILURE OF THE DEVELOPER OR OWNER OF SUCH REAL PROPER-
   13  TY  TO  FILE  THE  NECESSARY APPLICATION REQUIRED TO OBTAIN THE SEPARATE
   14  ASSESSMENT AND TAXATION PROVIDED IN SECTION THREE HUNDRED  THIRTY-NINE-Y
   15  OF THE REAL PROPERTY LAW, MAY HAVE BEEN ELIGIBLE FOR SUCH ASSESSMENT AND
   16  TAXATION, SHALL BE EXEMPT FROM TAXATION TO THE EXTENT OF FIFTEEN PERCENT
   17  OF THE ASSESSED VALUE OF SUCH PROPERTY.
   18    2.  THE  EXEMPTION  FROM  TAXATION  PROVIDED  BY THIS SECTION SHALL BE
   19  APPLICABLE TO COUNTY, CITY, SCHOOL, TOWN AND VILLAGE TAXATION.
   20    3. APPLICATION FOR EXEMPTION MUST BE MADE BY THE OWNER, OR ALL OF  THE
   21  OWNERS,  OF  SUCH  PROPERTY  ON A FORM PRESCRIBED BY THE COMMISSIONER OF
   22  TAXATION AND FINANCE. THE OWNER OR OWNERS SHALL FILE THE COMPLETED  FORM
   23  IN  THE  ASSESSOR'S  OFFICE ON OR BEFORE THE APPROPRIATE TAXABLE  STATUS
   24  DATE. PROVIDED THAT ALL ELIGIBILITY CRITERIA OF THIS  SECTION  ARE  MET,
   25  THE  EXEMPTION SHALL CONTINUE IN FULL FORCE AND EFFECT FOR ALL APPROPRI-
   26  ATE SUBSEQUENT TAX YEARS AND THE OWNER OR OWNERS OF THE  PROPERTY  SHALL
   27  NOT BE REQUIRED TO RE-FILE EACH YEAR.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15196-01-2
       S. 7832                             2
    1    4. A LOCAL LAW ADOPTED PURSUANT TO THIS SUBDIVISION MAY BE REPEALED BY
    2  THE  GOVERNING  BOARD  OF  THE APPLICABLE COUNTY, CITY, TOWN OR VILLAGE.
    3  SUCH REPEAL SHALL OCCUR AT LEAST NINETY DAYS PRIOR TO THE TAXABLE STATUS
    4  DATE OF SUCH COUNTY, CITY, TOWN OR VILLAGE.
    5    5.  NOTWITHSTANDING THE FOREGOING PROVISIONS OF THIS SECTION, NO LATER
    6  THAN NINETY DAYS BEFORE THE TAXABLE  STATUS  DATE  NEXT  OCCURRING,  THE
    7  GOVERNING  BOARD  OF ANY COUNTY, CITY, TOWN OR VILLAGE MAY ADOPT A LOCAL
    8  LAW TO PROVIDE THAT NO EXEMPTION  SHALL  BE  GRANTED  PURSUANT  TO  THIS
    9  SECTION  FOR  THE PURPOSE OF TAXES LEVIED FOR SUCH COUNTY, CITY, TOWN OR
   10  VILLAGE.
   11    S 2. This act shall take effect immediately.