Bill Text: NY A03872 | 2023-2024 | General Assembly | Introduced

New York Assembly Bill 3872

Introduced

Bill Title: Authorizes the town of Southampton, county of Suffolk, to enact by local law a homestead exemption; provides that such exemption shall not exceed $50,000 in full assessed value; authorizes a cap on all annual assessment increases for residential property, not to exceed five percent.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to real property taxation [A03872 Detail]

Download: New_York-2023-A03872-Introduced.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                          3872

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 8, 2023
                                       ___________

        Introduced by M. of A. THIELE -- read once and referred to the Committee
          on Real Property Taxation

        AN  ACT authorizing the town of Southampton, county of Suffolk, to enact
          by a local law a homestead exemption and cap on  assessment  increases
          for real property tax purposes

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Notwithstanding any provision of law to the  contrary,  the
     2  town  of  Southampton,  county of Suffolk may enact by local law a home-
     3  stead exemption from real property taxation as provided  herein.  Eligi-
     4  bility  for  such homestead exemption shall be the same as for the basic
     5  school tax relief (STAR) exemption pursuant to subdivision 3 of  section
     6  425 of the real property tax law. The exemption shall be uniform for all
     7  eligible  real  property  and  shall not exceed $50,000 in full assessed
     8  value.
     9    § 2. In addition to the homestead exemption provided  for  in  section
    10  one  of  this  act,  the  town of Southampton also may enact a local law
    11  providing for a cap on all annual assessment increases  for  residential
    12  property, attributable solely to market trend adjustments, not to exceed
    13  five percent. This section shall not affect other assessment adjustments
    14  attributable  to  other  factors  unrelated  to  market trends. Upon the
    15  transfer of any such real property, the assessment of any such  property
    16  shall be reassessed pursuant to section 305 of the real property tax law
    17  at  the  full value or at the uniform percentage of value without regard
    18  to this section.
    19    § 3. This act shall take effect immediately.


         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04835-01-3