Bill Text: NY A08352 | 2019-2020 | General Assembly | Introduced

---

Bill Title: Increases the average assessed value threshold; relates to the eligibility of J-51 tax abatements to reflect cost-of-living adjustments.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to real property taxation [A08352 Detail]

Download: New_York-2019-A08352-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          8352

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                      June 15, 2019
                                       ___________

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

        AN ACT to amend the real property tax law, in relation to increasing the
          average assessed value threshold and eligibility for J-51  tax  abate-
          ments

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

     1    Section 1.  The opening paragraph of paragraph (a) of subdivision 1 of
     2  section 489 of the real property tax law, as amended by  section  19  of
     3  part A of chapter 20 of the laws of 2015, is amended to read as follows:
     4    Any  city  to  which  the  multiple dwelling law is applicable, acting
     5  through its local legislative body or other governing agency, is  hereby
     6  authorized  and  empowered, to and including January first, two thousand
     7  [nineteen] twenty-three, to adopt and amend  local  laws  or  ordinances
     8  providing that any increase in assessed valuation of real property shall
     9  be  exempt  from taxation for local purposes, as provided herein, to the
    10  extent such increase results from:
    11    § 2. The closing paragraph of  subparagraph  6  of  paragraph  (a)  of
    12  subdivision 1 of section 489 of the real property tax law, as amended by
    13  section  20  of  part A of chapter 20 of the laws of 2015, is amended to
    14  read as follows:
    15    Such conversion, alterations or improvements shall be completed within
    16  thirty months after the date on which same shall be started except  that
    17  such  thirty month limitation shall not apply to conversions of residen-
    18  tial units which are registered with the loft board in  accordance  with
    19  article  seven-C  of  the multiple dwelling law pursuant to subparagraph
    20  one of this paragraph. Notwithstanding  the  foregoing,  a  sixty  month
    21  period for completion shall be available for alterations or improvements
    22  undertaken  by  a housing development fund company organized pursuant to
    23  article eleven of the private housing finance law, which are carried out
    24  with the substantial assistance of grants, loans or subsidies  from  any

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02925-08-9
        A. 8352                             2

     1  federal,  state or local governmental agency or instrumentality or which
     2  are carried out in a property transferred from such city if  alterations
     3  and  improvements  are  completed  within  seven years after the date of
     4  transfer.  In  addition, the local housing agency is hereby empowered to
     5  grant an extension of the period of completion for any  project  carried
     6  out  with  the substantial assistance of grants, loans or subsidies from
     7  any federal, state or local governmental agency or  instrumentality,  if
     8  such  alterations or improvements are completed within sixty months from
     9  commencement of construction. Provided, further, that  such  conversion,
    10  alterations  or  improvements  shall  in any event be completed prior to
    11  June thirtieth, two  thousand  [nineteen]  twenty-three.  Exemption  for
    12  conversions,  alterations  or improvements pursuant to subparagraph one,
    13  two, three or four of this paragraph shall continue for a period not  to
    14  exceed  fourteen  years and begin no sooner than the first quarterly tax
    15  bill immediately following the completion  of  such  conversion,  alter-
    16  ations or improvements. Exemption for alterations or improvements pursu-
    17  ant  to  this  subparagraph or subparagraph five of this paragraph shall
    18  continue for a period not to exceed thirty-four years and shall begin no
    19  sooner than the first  quarterly  tax  bill  immediately  following  the
    20  completion  of such alterations or improvements. Such exemption shall be
    21  equal to the increase in the valuation which is subject to exemption  in
    22  full  or  proportionally under this subdivision for ten or thirty years,
    23  whichever is applicable. After such period of time, the amount  of  such
    24  exempted  assessed  valuation  of  such improvements shall be reduced by
    25  twenty percent in each succeeding year until the assessed value  of  the
    26  improvements  are  fully taxable.   Provided, however, exemption for any
    27  conversion, alterations or improvements which are aided  by  a  loan  or
    28  grant  under  article eight, eight-A, eleven, twelve, fifteen or twenty-
    29  two of the private housing finance law, section six hundred ninety-six-a
    30  or section ninety-nine-h of the general municipal law, or section  three
    31  hundred  twelve  of  the  housing act of nineteen hundred sixty-four (42
    32  U.S.C.A. 1452b), or the Cranston-Gonzalez  national  affordable  housing
    33  act (42 U.S.C.A. 12701 et.  seq.), or started after July first, nineteen
    34  hundred  eighty-three  by  a  housing development fund company organized
    35  pursuant to article eleven of the private housing finance law which  are
    36  carried  out  with the substantial assistance of grants, loans or subsi-
    37  dies from any federal, state or local governmental agency or  instrumen-
    38  tality  or which are carried out in a property transferred from any city
    39  and where alterations and improvements are completed within seven  years
    40  after  the  date  of  transfer  may commence at the beginning of any tax
    41  quarter subsequent to the  start  of  such  conversion,  alterations  or
    42  improvements and prior to the completion of such conversion, alterations
    43  or improvements.
    44    §  3.  Subparagraph (ii) of paragraph (c) of subdivision 17 of section
    45  489 of the real property tax law, as added by chapter 388 of the laws of
    46  2016, is amended to read as follows:
    47    (ii) For the final assessment roll to be  completed  in  two  thousand
    48  seventeen  the  assessed  value  limitation shall be thirty-two thousand
    49  dollars increased by the cost-of-living  adjustment  percentage  of  two
    50  thousand  seventeen.    Notwithstanding  the  foregoing,  for  the final
    51  assessment roll to be completed in the year two thousand  nineteen,  the
    52  assessed value limitation shall be forty thousand dollars. For the final
    53  assessment  roll  to  be  completed in the year two thousand twenty, the
    54  assessed value limitation shall be forty thousand dollars, increased  by
    55  the cost-of-living adjustment percentage of two thousand twenty. For the
    56  purposes  of  this computation, the cost-of-living adjustment percentage
        A. 8352                             3

     1  of two thousand seventeen shall be equal  to  the  "applicable  increase
     2  percentage" used by the United States commissioner of social security to
     3  determine  the  monthly social security benefits payable in two thousand
     4  seventeen  to individuals, as provided by subsection (i) of section four
     5  hundred fifteen of title forty-two of the United States code.
     6    § 4. This act shall take effect immediately.