Bill Text: NY A02760 | 2017-2018 | General Assembly | Introduced
Bill Title: Permits a STAR exemption for property owned by a limited liability company where the limited liability company is owned by a person to whom the exemption would have otherwise been granted.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2018-04-17 - held for consideration in real property taxation [A02760 Detail]
Download: New_York-2017-A02760-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 2760 2017-2018 Regular Sessions IN ASSEMBLY January 23, 2017 ___________ Introduced by M. of A. BUTLER -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to a real proper- ty tax exemption for property owned by a limited liability company The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 3 of section 425 of the real property tax law 2 is amended by adding a new paragraph (e-1) to read as follows: 3 (e-1) Dwellings owned by a limited liability company. If legal title 4 to a dwelling is held by a limited liability company, the exemption 5 shall be granted if the property serves as the primary residence of one 6 or more of the members of the limited liability company, provided that 7 the member or members who primarily reside thereon personally pay all of 8 the real property taxes and other costs associated with the property's 9 ownership. 10 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD01371-01-7
