Bill Text: NY A07693 | 2011-2012 | General Assembly | Introduced

New York Assembly Bill 7693 (Prior Session Legislation)

Bill Title: Provides an exemption for certain first-time homebuyers and homeowners age sixty-five or over.

Spectrum: Moderate Partisan Bill (Republican 7-1)

Status: (Introduced - Dead) 2012-06-14 - print number 7693a [A07693 Detail]

Download: New_York-2011-A07693-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7693
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     May 13, 2011
                                      ___________
       Introduced  by  M. of A. SALADINO, CURRAN, N. RIVERA, RAIA, RA -- Multi-
         Sponsored by -- M. of A. GRAF, McDONOUGH, McLAUGHLIN -- read once  and
         referred to the Committee on Real Property Taxation
       AN  ACT  to amend the real property tax law, in relation to providing an
         exemption for first-time homebuyer
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  real  property  tax  law  is amended by adding a new
    2  section 457-a to read as follows:
    3    S 457-A.  EXEMPTION  FOR  FIRST-TIME  HOMEBUYERS.  1.  REAL  PROPERTY,
    4  INTENDED  FOR  USE AS THE BUYER'S PRIMARY RESIDENCE AND PURCHASED BY ONE
    5  OR MORE PERSONS, AT LEAST ONE OF WHOM IS A FIRST-TIME  HOMEBUYER,  SHALL
    6  BE  EXEMPT FROM INCREASE IN TAXATION LEVIED BY OR ON BEHALF OF ANY COUN-
    7  TY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT IN  WHICH  SUCH  PROPERTY  IS
    8  LOCATED.  THE LENGTH OF SUCH EXEMPTION SHALL NOT EXCEED FIVE YEARS.
    9    2.  IN ORDER TO BE ELIGIBLE FOR THE EXEMPTION DESCRIBED IN SUBDIVISION
   10  ONE OF THIS SECTION, THE FIRST-TIME HOMEBUYER MUST HAVE RESIDED  IN  THE
   11  STATE  FOR  AT LEAST TEN YEARS, AND HAVE A HOUSEHOLD INCOME OF LESS THAN
   12  ONE HUNDRED THOUSAND DOLLARS PER YEAR.
   13    3. THE STATE  SHALL  REIMBURSE  ANY  TAXING  ENTITY  WHICH  SUFFERS  A
   14  REDUCTION IN REVENUE DUE TO THE PROVISIONS OF THIS SECTION.
   15    S  2.  This  act shall take effect immediately, and shall apply to all
   16  tax years beginning on and after July 1, 2011.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD09011-01-1