Relates to partial tax abatements for certain residential real property.
TITLE OF BILL: An act to amend the real property tax law, in relation to partial tax abatements for certain property
SUMMARY OF PROVISIONS:
Section one of the bill amends subdivision 2 of section 467-a of the Real Property Tax Law to provide that a tax abatement may be granted to a dwelling unit in a property held in a cooperative or condominium form of ownership where the unit in question is held in trust solely for the benefit of a person or persons who would otherwise be eligible to receive a tax abatement, were such person or persons the legal owner of the unit.
Section two of the bill amends paragraph (f) of subdivision 2 of section 467-a of the Real Property Tax Law to provide that a property will not be prohibited from receiving an abatement pursuant to section 467-a if the property, or certain dwelling units therein, are receiving benefits pursuant to sections 425 (School Tax Relief exemption (STAR)) or 459-c (persons with disabilities and limited incomes exemption) of the Real Property Tax Law.
REASONS FOR SUPPORT: Currently, a dwelling unit will lose its eligibility for a tax abatement pursuant to section 467-a if the owner transfers the property into a trust. This bill would make it clear that the abatements provided in section 467-a of the Real Property Tax Law extend to a property held in trust solely for the benefit of a person who would otherwise meet the eligibility requirements set forth in section 467-a, were such person the legal owner of the unit.
This bill would also make it clear that receipt of benefits under Real Property Tax Law sections 425 or 459-c would not make one ineligible for benefits under the co-op/condo real property tax abatement program.
Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.
STATE OF NEW YORK ________________________________________________________________________ S. 4600 A. 6658 2013-2014 Regular Sessions S E N A T E - A S S E M B L Y April 12, 2013 ___________IN SENATE -- Introduced by Sen. GOLDEN -- read twice and ordered print- ed, and when printed to be committed to the Committee on Local Govern- ment IN ASSEMBLY -- Introduced by M. of A. WRIGHT, SILVER, BRAUNSTEIN, O'DONNELL -- read once and referred to the Committee on Ways and Means AN ACT to amend the real property tax law, in relation to partial tax abatements for certain property THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 467-a of the real property tax law is amended by adding a new paragraph (b-1) to read as follows: (B-1) NOTWITHSTANDING ANY OTHER PROVISION OF LAW TO THE CONTRARY, THE PROVISIONS OF THIS SECTION SHALL APPLY TO ANY DWELLING UNIT HELD IN TRUST SOLELY FOR THE BENEFIT OF A PERSON OR PERSONS WHO WOULD OTHERWISE BE ELIGIBLE FOR AN ABATEMENT, PURSUANT TO THIS SECTION, WERE SUCH PERSON OR PERSONS THE OWNER OR OWNERS OF SUCH DWELLING UNIT. S 2. Paragraph (f) of subdivision 2 of section 467-a of the real prop- erty tax law, as separately amended by chapters 461 and 473 of the laws of 2008, is amended to read as follows: (f) For purposes of this subdivision, a property shall be deemed not to be receiving complete or partial real property tax exemption or tax abatement if the property is, or certain dwelling units therein are, receiving benefits pursuant to section four hundred, four hundred two, four hundred four, four hundred six, four hundred eight, four hundred ten, four hundred ten-a, four hundred twelve, four hundred twelve-a, four hundred sixteen, four hundred eighteen, four hundred twenty-a, four hundred twenty-b, FOUR HUNDRED TWENTY-FIVE, four hundred thirty-six, four hundred fifty-eight, four hundred fifty-eight-a, FOUR HUNDRED FIFTY-NINE-C, four hundred sixty-two, four hundred sixty-seven, four hundred sixty-seven-b,
[or]four hundred ninety-nine-bbb, or fourEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10305-01-3 S. 4600 2 A. 6658
hundred ninety-nine-bbbb of this article, or if the property is receiv- ing a tax abatement but not a tax exemption pursuant to section four hundred eighty-nine of this article. S 3. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after June 1, 2012.