Authorizes True North Tyler Street, LLC to file an application with the assessor of the city of Troy for a real property tax exemption for the 2011 tax roll.
TITLE OF BILL: An act to authorize True North Tyler Street, LLC to file an application with the assessor of the city of Troy for a real property tax exemption
PURPOSE OR GENERAL IDEA OF BILL: The bill authorizes the assessor of the City of Troy to accept a late application for a real property tax exemption for True North Tyler Street, LLC, for the 2011 assessment roll, and, if found eligible, to grant the exemption and refund any excess property taxes already paid.
SUMMARY OF SPECIFIC PROVISIONS: Section 1 of the bill notwithstands any other provision of the law to the contrary to authorize the assessor of the city of Troy to accept from True North Tyler Street, LLC, an application for exemption from real property taxes for the assessment roll for the property located at 4 Tyler Street. If accepted, the application shall be reviewed as if it had been submitted and received on or before the taxable status date established for such roll. Section 2 is the effective date
JUSTIFICATION: Under current law, there is not authority for the assessor to accept and evaluate late applications for tax exemptions, even if the owner of a property is exempt under section 420-a of the real property tax law, article 78 of the civil practice law and rules and article 56 of the education law.
True North Tyler Street, LLC is a solely owned subsidiary of Uncommon School, Inc., a 501(c)(3) tax exempt organization. The LLC is a disregarded entity for tax purposed and carries the same federal tax identification number as Uncommon Schools, Inc. The LLC has received NYS sales and use tax exemptions as well. The LLC is the building owner of 4 Tyler Street, and is also the landlord for the Troy Prep Charter School, a tax exempt non-profit public charter school. Such schools are specifically exempt from real property taxes under Article 56 of the NYS Education law. The 4 Tyler Street property is currently undergoing renovation and will be opening in September, 2011 as the new location of the Troy Prep Charter School. The property was purchased in April, 2011, after the March 1, 2011 finalization of the 2011 tax rolls, thereby requiring legislation to allow for a late application to be filed.
PRIOR LEGISLATIVE HISTORY: New bill.
FISCAL IMPLICATIONS: None to the State.
STATE OF NEW YORK ________________________________________________________________________ S. 5683 A. 8285 2011-2012 Regular Sessions S E N A T E - A S S E M B L Y June 10, 2011 ___________IN SENATE -- Introduced by Sen. McDONALD -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government IN ASSEMBLY -- Introduced by M. of A. CANESTRARI -- read once and referred to the Committee on Real Property Taxation AN ACT to authorize True North Tyler Street, LLC to file an application with the assessor of the city of Troy for a real property tax exemption THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding any other provision of law to the contrary, the assessor of the city of Troy is hereby authorized to accept from True North Tyler Street, LLC, a wholly owned and tax exempt subsidiary of Uncommon Schools, Inc., an application for exemption from real prop- erty taxes pursuant to section 408 of the real property tax law for the 2010-2011 assessment roll for the parcels owned by True North Tyler Street, LLC, located in the city of Troy at 4 Tyler Street, otherwise known as tax map parcel number 111.52-6-1. If accepted, the application shall be reviewed as if it had been received on or before the taxable status date established for such roll. If satisfied that True North Tyler Street, LLC would otherwise be entitled to such exemption if it had filed the application for exemption by the appropriate taxable status date, the assessor of the city of Troy may, upon approval by the city council of such city, grant exemption with respect to the 2010-2011 assessment roll and owing by such not-for- profit organization on the effective date of this act and make appropri- ate corrections to the subject roll, the governing body or tax depart- ment may, in its sole discretion, provide for the refund of those taxes paid and cancel taxes, fines, penalties or interest remaining unpaid. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD13057-01-1