Bill Text: NY A02092 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Increases the average assessed value threshold; relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2019-07-03 - SIGNED CHAP.72 [A02092 Detail]
Download: New_York-2019-A02092-Introduced.html
Bill Title: Increases the average assessed value threshold; relates to the eligibility of J-51 tax abatements to reflect cost of living adjustments.
Spectrum: Strong Partisan Bill (Democrat 11-1)
Status: (Passed) 2019-07-03 - SIGNED CHAP.72 [A02092 Detail]
Download: New_York-2019-A02092-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2092 2019-2020 Regular Sessions IN ASSEMBLY January 22, 2019 ___________ Introduced by M. of A. BRAUNSTEIN, BENEDETTO, MOSLEY, JAFFEE, DenDEKKER, COLTON, O'DONNELL -- Multi-Sponsored by -- M. of A. COOK, LALOR, RIVERA -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the administrative code of the city of New York and the real property tax law, in relation to increasing the average assessed value threshold; and to amend the real property tax law, in relation to the eligibility for J-51 tax abatements The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (ii) of paragraph 3 of subdivision d of 2 section 11-243 of the administrative code of the city of New York, as 3 amended by local law number 49 of the city of New York for the year 4 1993, is amended to read as follows: 5 (ii) is owned as a condominium and is occupied as the residence or 6 home of three or more families living independently of each other; 7 provided, however, that, in addition to all other conditions of eligi- 8 bility for the benefits of this section, except for multiple dwellings 9 in which units have been newly created by substantial rehabilitation of 10 vacant buildings or conversions of non-residential buildings, the avail- 11 ability of benefits under this section for such multiple dwellings, 12 buildings or structures shall be conditioned on the following: (a) 13 alterations or improvements to at least one building-wide system are 14 part of the application for benefits, and (b) (i) the assessed valuation 15 of such multiple dwelling, building, or structure, including land, shall 16 not exceed an average of [thirty] fifty thousand dollars per dwelling 17 unit at the time of the commencement of the alterations or improvements, 18 and (ii) during the three years immediately preceding the commencement 19 of the alterations or improvements the average per room sale price of 20 the dwelling units or the stock allocated to such dwelling units shall 21 have been no greater than thirty-five percent of the maximum mortgage EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD02925-02-9A. 2092 2 1 amount for a single family home eligible for purchase by the Federal 2 National Mortgage Association; provided that if less than ten percent of 3 the dwelling units or an amount of stock less than the amount allocable 4 to ten percent of such dwelling units was not transferred during such 5 preceding three year period, eligibility for benefits shall be condi- 6 tioned upon the multiple dwelling, building, or structure having an 7 assessed valuation per dwelling unit of no more than twenty-five thou- 8 sand dollars at the time of the commencement of the alterations or 9 improvements. Provided, further, that such benefits shall be available 10 only for alterations or improvements commenced on or after June first, 11 nineteen hundred eighty-six. 12 § 2. The opening paragraph of paragraph (a) of subdivision 1 of 13 section 489 of the real property tax law, as amended by section 19 of 14 part A of chapter 20 of the laws of 2015, is amended to read as follows: 15 Any city to which the multiple dwelling law is applicable, acting 16 through its local legislative body or other governing agency, is hereby 17 authorized and empowered, to and including January first, two thousand 18 [nineteen] twenty-three, to adopt and amend local laws or ordinances 19 providing that any increase in assessed valuation of real property shall 20 be exempt from taxation for local purposes, as provided herein, to the 21 extent such increase results from: 22 § 3. The closing paragraph of subparagraph 6 of paragraph (a) of 23 subdivision 1 of section 489 of the real property tax law, as amended by 24 section 20 of part A of chapter 20 of the laws of 2015, is amended to 25 read as follows: 26 Such conversion, alterations or improvements shall be completed within 27 thirty months after the date on which same shall be started except that 28 such thirty month limitation shall not apply to conversions of residen- 29 tial units which are registered with the loft board in accordance with 30 article seven-C of the multiple dwelling law pursuant to subparagraph 31 one of this paragraph. Notwithstanding the foregoing, a sixty month 32 period for completion shall be available for alterations or improvements 33 undertaken by a housing development fund company organized pursuant to 34 article eleven of the private housing finance law, which are carried out 35 with the substantial assistance of grants, loans or subsidies from any 36 federal, state or local governmental agency or instrumentality or which 37 are carried out in a property transferred from such city if alterations 38 and improvements are completed within seven years after the date of 39 transfer. In addition, the local housing agency is hereby empowered to 40 grant an extension of the period of completion for any project carried 41 out with the substantial assistance of grants, loans or subsidies from 42 any federal, state or local governmental agency or instrumentality, if 43 such alterations or improvements are completed within sixty months from 44 commencement of construction. Provided, further, that such conversion, 45 alterations or improvements shall in any event be completed prior to 46 June thirtieth, two thousand [nineteen] twenty-three. Exemption for 47 conversions, alterations or improvements pursuant to subparagraph one, 48 two, three or four of this paragraph shall continue for a period not to 49 exceed fourteen years and begin no sooner than the first quarterly tax 50 bill immediately following the completion of such conversion, alter- 51 ations or improvements. Exemption for alterations or improvements pursu- 52 ant to this subparagraph or subparagraph five of this paragraph shall 53 continue for a period not to exceed thirty-four years and shall begin no 54 sooner than the first quarterly tax bill immediately following the 55 completion of such alterations or improvements. Such exemption shall be 56 equal to the increase in the valuation which is subject to exemption inA. 2092 3 1 full or proportionally under this subdivision for ten or thirty years, 2 whichever is applicable. After such period of time, the amount of such 3 exempted assessed valuation of such improvements shall be reduced by 4 twenty percent in each succeeding year until the assessed value of the 5 improvements are fully taxable. Provided, however, exemption for any 6 conversion, alterations or improvements which are aided by a loan or 7 grant under article eight, eight-A, eleven, twelve, fifteen or twenty- 8 two of the private housing finance law, section six hundred ninety-six-a 9 or section ninety-nine-h of the general municipal law, or section three 10 hundred twelve of the housing act of nineteen hundred sixty-four (42 11 U.S.C.A. 1452b), or the Cranston-Gonzalez national affordable housing 12 act (42 U.S.C.A. 12701 et. seq.), or started after July first, nineteen 13 hundred eighty-three by a housing development fund company organized 14 pursuant to article eleven of the private housing finance law which are 15 carried out with the substantial assistance of grants, loans or subsi- 16 dies from any federal, state or local governmental agency or instrumen- 17 tality or which are carried out in a property transferred from any city 18 and where alterations and improvements are completed within seven years 19 after the date of transfer may commence at the beginning of any tax 20 quarter subsequent to the start of such conversion, alterations or 21 improvements and prior to the completion of such conversion, alterations 22 or improvements. 23 § 4. Subparagraph (iv) of paragraph (c) of subdivision 17 of section 24 489 of the real property tax law, as added by chapter 388 of the laws of 25 2016, is amended to read as follows: 26 (iv) Notwithstanding anything to the contrary contained herein, the 27 assessed value limitation shall not at any time exceed [thirty-five] 28 fifty thousand dollars. 29 § 5. This act shall take effect immediately.
