BILL NUMBER: S7212
SPONSOR: LANZA
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to a rebate of
real property taxes on certain residential real property in a city
having a population of one million or more
 
PURPOSE OR GENERAL IDEA OF BILL:
Authorizes New York City to provide a rebate of a portion of the real
property taxes on owner occupied residential real property.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 - Amends heading of section 467-e of the real property tax
law, as added by section 1 of part V of chapter 60 of the laws of 2004.
Section 2 - Amends Subdivision 1 of section 467-e of the real property
tax law, as amended by chapter 483 of the laws of 2007.
Section 3 - Amends subparagraph 1 of paragraph a of subdivision 2 of
section 467-e of the real property tax law, as added by section 1 of
part V of chapter 60 of the laws of 2004.
Section 4 - Amends subparagraph 3 of paragraph a of subdivision 2 of
section 467-e of the real property tax law, as added by section 1 part V
of chapter 60 of the laws of 2004.
Section 5 - Amends paragraph c of subdivision 3 of section 467-e of the
real property tax law, as amended by 483 of the laws of 2007.
Section 6 - Amends paragraph a of subdivision 4 of section 467-e of the
real property tax law, as amended
Section 7 - Provides the effective date.
 
JUSTIFICATION:
Recently the city has enjoyed budget surpluses and they should share
some of this prosperity with the hard-working families who have helped
to make it possible. A tax rebate will provide much-needed relief to
those homeowners struggling to pay bills, including seniors on fixed
incomes, and could also provide a boost to the loCal economy. And
because we know economic conditions often change, we feel it is imper-
ative to provide this one-time relief while we have the funds to do so.
 
PRIOR LEGISLATIVE HISTORY:
2024: S.5997-Referred to Cities 1
2023: S.5997-Referred to Cities 1
2022: S.4314-Referred to Cities 1
2021: S.4314-Referred to Cities 1
2020: S.802-Referred to Cities
2019: S.802-Referred to Cities
2018: S.4136-C- Passed Senate/A.10254-B -Referred to Real Property Tax
2017: S.4136-Passed Senate
2016: S.7048-3rd Reading Calendar/A.9677-Referred to Real Property Tax
 
FISCAL IMPLICATIONS:
Savings to property taxpayers.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S7212: 467-e real property tax law, 467-e(1) real property tax law, 467-e(2) real property tax law