Bill Text: NY A04820 | 2019-2020 | General Assembly | Introduced

New York Assembly Bill 4820 (Prior Session Legislation)

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 6-0)

Status: (Introduced - Dead) 2020-07-16 - held for consideration in real property taxation [A04820 Detail]

Download: New_York-2019-A04820-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          4820
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    February 5, 2019
                                       ___________
        Introduced  by M. of A. SMULLEN -- read once and referred to the Commit-
          tee 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.
                                                                   LBD08701-01-9