Bill Text: NY S01419 | 2009-2010 | General Assembly | Introduced

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Bill Title: Exempts Orleans county from the requirement that the assessed value of residential real property used for rental purposes take into account the impact of any rent restrictions, affordability requirements or other restrictions prescribed by federal, state or municipal programs.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2010-01-06 - REFERRED TO LOCAL GOVERNMENT [S01419 Detail]

Download: New_York-2009-S01419-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1419
                              2009-2010 Regular Sessions
                                   I N  S E N A T E
                                   January 30, 2009
                                      ___________
       Introduced  by  Sen. MAZIARZ -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the real property tax law, in relation to  the  assessed
         valuation  of certain real property used for residential real property
         in the county of Orleans
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  581-a  of the real property tax law, as added by
    2  chapter 714 of the laws of 2005, is amended to read as follows:
    3    S 581-a. Assessment of residential real property. Notwithstanding  any
    4  other provision of law, the assessed valuation of real property used for
    5  residential  rental  purposes where at least twenty percent of the resi-
    6  dential units are subject to  an  agreement  with  a  municipality,  the
    7  state,  the  federal  government,  or  an instrumentality thereof, which
    8  agreement restricts occupancy of those units to tenants who  qualify  in
    9  accordance  with  an  income  test, shall be determined using the income
   10  approach as applied to the actual net operating income, after  deducting
   11  for  reserves required by any federal, state or municipal programs.  THE
   12  PROVISIONS OF THIS SECTION SHALL NOT APPLY IN THE COUNTY OF ORLEANS. For
   13  the purposes of this section "net operating income" shall mean the actu-
   14  al or anticipated net income that remains after all  operating  expenses
   15  are  deducted  from  effective  gross  income,  but before mortgage debt
   16  service and book depreciation are deducted. The  assessed  valuation  of
   17  real  property used for such residential rental purposes shall be deter-
   18  mined using the actual net  operating  income,  and  shall  not  include
   19  federal,  state  or  municipal  income  tax credits, subsidized mortgage
   20  financing, or project grants, where such subsidies are  used  to  offset
   21  the project development cost in order to provide for lower initial rents
   22  as  determined by regulations promulgated by the division of housing and
   23  community renewal.
   24    S 2. This act shall take effect immediately and shall apply to taxable
   25  status dates occurring on or after the first of January next  succeeding
   26  the date on which it shall have become a law.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD06137-01-9