Bill Text: NY S01551 | 2019-2020 | General Assembly | Amended
Bill Title: Creates a statewide residential revaluation exemption; defines "eligible residential property"; and provides applicability, eligibility and the exemption calculation.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Introduced - Dead) 2020-01-14 - PRINT NUMBER 1551A [S01551 Detail]
Download: New_York-2019-S01551-Amended.html
STATE OF NEW YORK ________________________________________________________________________ S. 1551--A A. 1329--A Cal. No. 68 2019-2020 Regular Sessions SENATE - ASSEMBLY January 15, 2019 ___________ IN SENATE -- Introduced by Sens. CARLUCCI, KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- recommitted to the Committee on Local Government in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee IN ASSEMBLY -- Introduced by M. of A. GALEF, WALLACE -- read once and referred to the Committee on Real Property Taxation -- ordered to a third reading, amended and ordered reprinted, retaining its place on the order of third reading AN ACT to amend the real property tax law, in relation to a residential revaluation exemption 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 485-v to read as follows: 3 § 485-v. Residential revaluation exemption. 1. Applicability. The 4 governing body of an assessing unit may, after a public hearing, adopt 5 the provisions of this section by local law in the first year of a full 6 value revaluation to provide a residential revaluation exemption. If the 7 governing body of an assessing unit passes a local law pursuant to this 8 subdivision, such exemption shall also apply in the same manner and to 9 the same extent to each village, county, special district or school 10 district that levies taxes on the assessment roll prepared by such 11 assessing unit. A village assessing unit, within an assessing unit that 12 has conducted a revaluation and that chooses to adopt that assessing 13 unit's latest final assessment roll is permitted to adopt the provisions 14 of this section within two years of its implementation. 15 2. Eligibility. (a) The assessors in each assessing unit that have 16 adopted the provisions of this section shall, in the first year in which EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD00259-02-0S. 1551--A 2 A. 1329--A 1 revaluation assessments are to be entered on the assessment roll and for 2 the next succeeding year, apply to each eligible residential property an 3 exemption as provided in subdivision three of this section. For the 4 purpose of this section, to be an "eligible residential property" the 5 following criteria must be met: 6 (i) The property must be a residential property, provided that dwell- 7 ing units held in condominium form of ownership shall only be eligible 8 if located in an approved assessing unit and classified in the homestead 9 class or located in a special assessing unit and classified in class 10 one; 11 (ii) The property must be eligible to receive the STAR exemption 12 authorized by section four hundred twenty-five of this title or the 13 owner or owners must be eligible to receive the personal income tax 14 school tax relief (STAR) credit authorized by subsection (eee) of 15 section six hundred six of the tax law, for such property; 16 (iii) In any given year, the owner or owners receiving the exemption 17 pursuant to this section must be the same as the owner or owners that 18 appeared on the assessment roll upon which the revaluation is imple- 19 mented; and 20 (iv) The property must not have any delinquent taxes as of the taxable 21 status date for the roll on which an exemption is applied. 22 (b) In addition to the criteria provided in paragraph (a) of this 23 subdivision, an assessing unit may further limit the eligibility to 24 eligible residential property whose full value increase exceeded a set 25 percentage threshold as specified in their local law adopting the 26 provisions of this section. 27 3. Exemption calculation. (a)(i) The exemption shall be computed with 28 respect to a percentage of the "exemption base." The exemption base 29 shall be the amount by which the assessed value of a property on the 30 assessment roll upon which the revaluation is implemented exceeds the 31 prior year's equalized assessed value, as determined in the initial 32 year. The prior year's equalized assessed value shall be determined by 33 applying the applicable change in level of assessment factor to the 34 prior year's assessed value. Such exemption base shall not include 35 increases due to a physical improvement or a removal or reduction of an 36 exemption on property. 37 (ii) Any increase in the assessment of a property due to physical 38 changes in the year following the implementation roll shall not be 39 eligible for the exemption. In the event that any portion of a parcel is 40 fully or partially removed from the roll during the year following the 41 implementation roll by reason of fire, demolition, destruction or new 42 exemption, the assessor shall reduce the exemption for any remaining 43 portion in the same proportion assessment is reduced for such fire, 44 demolition, destruction or new exemption. If a property's revaluation 45 assessment is reduced pursuant to title one-A of article five, or title 46 one or one-A of article seven of this chapter, the exemption shall be 47 recomputed accordingly. 48 (b)(i) The exemption shall be to the extent of sixty-six per centum of 49 the exemption base in year one and thirty-three per centum of the 50 exemption base in year two. 51 (ii) The following table shall illustrate the computation of the 52 exemption: 53 Year of exemption Percentage of Exemption 54 1 66% of exemption base 55 2 33% of exemption baseS. 1551--A 3 A. 1329--A 1 4. Granting of exemption. (a) Such exemption shall be granted only 2 upon application by the owner or owners of such real property on a form 3 prescribed by the commissioner. Such application shall be filed with the 4 assessor on or before the appropriate taxable status date for the 5 assessment roll upon which the revaluation is implemented. 6 (b) If the assessor is satisfied that the applicant is entitled to an 7 exemption pursuant to this section, he or she shall approve the applica- 8 tion and the taxable assessed value shall be reduced by the exemption, 9 as in this section provided commencing with the assessment roll prepared 10 after the taxable status date. The assessed value of any exemption 11 granted pursuant to this section shall be entered by the assessor on the 12 assessment roll with the amount of the exemption shown in a separate 13 column. 14 (c) In the event that the residential property granted an exemption 15 pursuant to this section transfers ownership or otherwise ceases to meet 16 the eligibility requirements of the exemption in subdivision two of this 17 section, the exemption granted pursuant to this section shall be discon- 18 tinued. Upon determining that an exemption granted pursuant to this 19 section should be discontinued, the assessor shall mail a notice so 20 stating to the owner or owners thereof at the time and in the manner 21 provided by section five hundred ten of this chapter. 22 § 2. This act shall take effect immediately.
