Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Aug 13, 2015 |
signed chap.150 |
Aug 03, 2015 |
delivered to governor |
May 04, 2015 |
returned to senate passed assembly ordered to third reading cal.243 substituted for a2550 |
Feb 03, 2015 |
referred to real property taxation delivered to assembly passed senate |
Jan 21, 2015 |
ordered to third reading cal.31 committee discharged and committed to rules |
Jan 14, 2015 |
referred to local government |
Senate Bill S1790
Signed By Governor2015-2016 Legislative Session
Sponsored By
(R, C, IP, RFM) Senate District
Archive: Last Bill Status - Signed by Governor
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S1790 (ACTIVE) - Details
- See Assembly Version of this Bill:
- A2550
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd ยง485-q, RPT L
2015-S1790 (ACTIVE) - Sponsor Memo
BILL NUMBER:S1790 TITLE OF BILL: An act to amend the real property tax law, in relation to residential investment exemptions in certain cities PURPOSE: The measure is an amendment to Chapter 405 of the Laws of 2014. That law authorizes the Oneonta City Common Council, at local option, to provide tax exemptions to those investing in the city's housing stock. SUMMARY OF PROVISIONS: This technical amendment specifies that the population of cities eligible for the program outlined in the chapter shall be according to the most recent census. EXISTING LAW: Chapter 405 of the Laws of 2014. JUSTIFICATION: The new language is an amendment requested by the executive in his approval memo #6.
2015-S1790 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 1790 2015-2016 Regular Sessions I N S E N A T E January 14, 2015 ___________ Introduced by Sen. SEWARD -- 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 residential investment exemptions in certain cities THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 485-q of the real property tax law, as added by chapter 405 of the laws of 2014, is amended to read as follows: S 485-q. Residential investment exemption; certain cities. 1. Resi- dential real property constructed on or after the first day of July, two thousand fourteen in cities with a population of not less than thirteen thousand five hundred and not more than fourteen thousand, DETERMINED IN ACCORDANCE WITH THE LATEST DECENNIAL CENSUS, may be exempt from city taxation and special ad valorem levies as provided in this section. 2. (a) (i) Such real property shall be exempt for a period of one year to the extent of fifty per centum of the increase in assessed value thereof attributable to such construction and for an additional period of nine years provided, however, that the extent of such exemption shall be decreased by five per centum each year during such additional period of nine years and such exemption shall be computed with respect to the "exemption base". The exemption base shall be the increase in assessed value as determined in the initial year of such ten year period follow- ing the filing of an original application, except as provided in subpar- agraph (ii) of this paragraph. (ii) In any year in which a change in level of assessment of fifteen percent or more is certified for a final assessment roll pursuant to the rules of the commissioner, the exemption base shall be multiplied by a fraction, the numerator of which shall be the total assessed value of the parcel on such final assessment roll (after accounting for any phys- ical or quantity changes to the parcel since the immediately preceding assessment roll), and the denominator of which shall be the total EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07384-02-5
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