BILL NUMBER: S7285
SPONSOR: RYAN S
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to the applica-
bility of the residential redevelopment inhibited property exemption to
all localities in the state
 
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to make the redevelopment inhibited property
tax exemption available statewide.
 
SUMMARY OF PROVISIONS:
Section 1: amends the title of section 485-r of the real property tax
law to remove the specification that the exemption applies to certain
cities.
Section 2: amends the definitions in section 485-r of the real property
tax law to remove the definition of "city," effectively expanding the
eligibility. of this exemption to include all cities.
Section 3: amends subdivision 2 of section 485-r of the real property
tax law to expand the 'redevelopment inhibited property tax exemption's
eligibility to towns and villages.
Section 4: makes technical changes to subdivision 3 of section 485-r of
the real property tax law to specify that the redevelopment inhibited
property tax exemption shall be available to cities, towns, and villages
following the passage of a local law.
Section 5: amends subdivision 4 of section 485-r of the real property
tax law to establish that eligible properties include one to four-unit
residences occupied as the primary residence of the owner or a tenant.
Section 6: makes technical changes to subdivision 6 of section 485-r of
the real property tax law.
Section 7: effective date.
 
JUSTIFICATION:
Enactment of this bill is necessary because it would expand availability
of a tax incentive to provide for the development of vacant properties
into housing.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
Undetermined.
 
EFFECTIVE DATE:
This act shall take effect on the thirtieth day after it shall have
become a law.

Statutes affected:
S7285: 485-r real property tax law, 485-r(2) real property tax law, 485-r(3) real property tax law, 485-r(4) real property tax law, 485-r(6) real property tax law