Senate Bill S7832

2011-2012 Legislative Session

Provides certain real property a 15% tax exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • 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

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2011-S7832 (ACTIVE) - Details

See Assembly Version of this Bill:
A9815
Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Add §421-n, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: S538
2015-2016: S652

2011-S7832 (ACTIVE) - Summary

Provides certain real property a 15% tax exemption.

2011-S7832 (ACTIVE) - Sponsor Memo

2011-S7832 (ACTIVE) - Bill Text download pdf

                            
                    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:

  Section 1. The real property tax  law  is  amended  by  adding  a  new
section 421-n to read as follows:
  S  421-N.  EXEMPTION  OF CERTAIN RESIDENTIAL PROPERTY FROM LOCAL TAXA-
TION. 1. NOTWITHSTANDING THE PROVISIONS OF ANY GENERAL, SPECIAL OR LOCAL
LAW TO THE CONTRARY, THE LOCAL LEGISLATIVE BODY OF  ANY  CITY,  TOWN  OR
VILLAGE  IS  HEREBY  AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND A LOCAL
LAW TO PROVIDE THAT REAL PROPERTY:
  (A) HELD IN CONDOMINIUM FORM OF OWNERSHIP;
  (B) THAT OTHERWISE SATISFIES THE PROVISIONS AND COMMON ELEMENTS ESTAB-
LISHED BY ARTICLE NINE-B OF THE REAL PROPERTY LAW FOR  CLASSIFYING  REAL
PROPERTY AS A CONDOMINIUM; AND
  (C) BUT FOR THE FAILURE OF THE DEVELOPER OR OWNER OF SUCH REAL PROPER-
TY  TO  FILE  THE  NECESSARY APPLICATION REQUIRED TO OBTAIN THE SEPARATE
ASSESSMENT AND TAXATION PROVIDED IN SECTION THREE HUNDRED  THIRTY-NINE-Y
OF THE REAL PROPERTY LAW, MAY HAVE BEEN ELIGIBLE FOR SUCH ASSESSMENT AND
TAXATION, SHALL BE EXEMPT FROM TAXATION TO THE EXTENT OF FIFTEEN PERCENT
OF THE ASSESSED VALUE OF SUCH PROPERTY.
  2.  THE  EXEMPTION  FROM  TAXATION  PROVIDED  BY THIS SECTION SHALL BE
APPLICABLE TO COUNTY, CITY, SCHOOL, TOWN AND VILLAGE TAXATION.
  3. APPLICATION FOR EXEMPTION MUST BE MADE BY THE OWNER, OR ALL OF  THE
OWNERS,  OF  SUCH  PROPERTY  ON A FORM PRESCRIBED BY THE COMMISSIONER OF
TAXATION AND FINANCE. THE OWNER OR OWNERS SHALL FILE THE COMPLETED  FORM
IN  THE  ASSESSOR'S  OFFICE ON OR BEFORE THE APPROPRIATE TAXABLE  STATUS
DATE. PROVIDED THAT ALL ELIGIBILITY CRITERIA OF THIS  SECTION  ARE  MET,
THE  EXEMPTION SHALL CONTINUE IN FULL FORCE AND EFFECT FOR ALL APPROPRI-
ATE SUBSEQUENT TAX YEARS AND THE OWNER OR OWNERS OF THE  PROPERTY  SHALL
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
              

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