Bill Text: NY A01289 | 2023-2024 | General Assembly | Amended
Bill Title: Increases the cap on the real property tax exemption of capital improvements to residential buildings.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-27 - reported referred to ways and means [A01289 Detail]
Download: New_York-2023-A01289-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 1289--A 2023-2024 Regular Sessions IN ASSEMBLY January 17, 2023 ___________ Introduced by M. of A. WILLIAMS -- read once and referred to the Commit- tee on Real Property Taxation -- recommitted to the Committee on Transportation in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the real property tax law, in relation to exemption of capital improvements to residential buildings The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (iii) of paragraph (a) of subdivision 2 of 2 section 421-f of the real property tax law, as amended by section 3 of 3 part WW of chapter 55 of the laws of 2021, is amended to read as 4 follows: 5 (iii) Except in a special assessing unit that is not a city, such 6 exemption shall be limited to [eighty] one hundred sixty-eight thousand 7 dollars in increased market value, or such other sum less than [eighty] 8 one-hundred sixty-eight thousand dollars, but not less than five thou- 9 sand dollars as may be provided by the local law or resolution, of the 10 property attributable to such reconstruction, alteration or improvement 11 and any increase in market value greater than such amount shall not be 12 eligible for the exemption pursuant to this section. In a special 13 assessing unit that is not a city, the exemption shall be limited to 14 seven hundred fifty thousand dollars in increased market value. For the 15 purposes of this section, the market value of the reconstruction, alter- 16 ation or improvement, or new construction as authorized by subdivision 17 one-a of this section, shall be equal to the increased assessed value 18 attributable to such reconstruction, alteration, improvement or new 19 construction divided by the class one ratio in a special assessing unit 20 or the most recently established state equalization rate or special 21 equalization rate in the remainder of the state, except where the state 22 equalization rate or special equalization rate equals or exceeds nine- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05596-02-4A. 1289--A 2 1 ty-five percent, in which case the increase in assessed value attribut- 2 able to such reconstruction, alteration, improvement or new construction 3 shall be deemed to equal the market value of such reconstruction, alter- 4 ation or improvement. 5 § 2. Subparagraph (iii) of paragraph (a) of subdivision 2 of section 6 421-f of the real property tax law, as amended by chapter 590 of the 7 laws of 1994, is amended to read as follows: 8 (iii) Such exemption shall be limited to [eighty] one hundred sixty- 9 eight thousand dollars in increased market value, or such other sum less 10 than [eighty] one hundred sixty-eight thousand dollars, but not less 11 than five thousand dollars as may be provided by the local law or resol- 12 ution, of the property attributable to such reconstruction, alteration 13 or improvement and any increase in market value greater than such amount 14 shall not be eligible for the exemption pursuant to this section. For 15 the purposes of this section, the market value of the reconstruction, 16 alteration or improvement shall be equal to the increased assessed value 17 attributable to such reconstruction, alteration or improvement divided 18 by the class I ratio in a special assessing unit or the most recently 19 established state equalization rate or special equalization rate in the 20 remainder of the state, except where the state equalization rate or 21 special equalization rate equals or exceeds ninety-five percent, in 22 which case the increase in assessed value attributable to such recon- 23 struction, alteration or improvement shall be deemed to equal the market 24 value of such reconstruction, alteration or improvement. 25 § 3. This act shall take effect immediately; provided that the amend- 26 ments to subparagraph (iii) of paragraph (a) of subdivision 2 of 27 section 421-f of the real property tax law made by section one of this 28 act shall be subject to the expiration and reversion of such subdivision 29 when upon such date the provisions of section two of this act shall take 30 effect.
