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Bill > S05882
NY S05882
NY S05882Provides that a certain time limit for purposes of filing a final application for a tax abatement shall not apply to certain construction projects.
summary
Introduced
03/22/2021
03/22/2021
In Committee
06/10/2021
06/10/2021
Crossed Over
06/10/2021
06/10/2021
Passed
07/21/2021
07/21/2021
Dead
Signed/Enacted/Adopted
08/02/2021
08/02/2021
Introduced Session
2021-2022 General Assembly
Bill Summary
AN ACT to amend the real property tax law and the administrative code of the city of New York, in relation to providing that a certain time limit for purposes of qualifying for a tax abatement shall not apply to certain brand-new from the ground up construction sited on property purchased from the city of New York
AI Summary
This bill amends the Real Property Tax Law and the Administrative Code of the City of New York to provide that the time limit for filing a final application for a tax abatement shall not apply to brand-new construction projects from the ground up that are located on property purchased from the City of New York, as long as the sales agreement with the City includes a restriction preventing the sale or transfer of the property for at least five years and the first property tax valuation and assessment occurred during that period of restriction. The bill applies to projects for which a final application for benefits was filed on or after January 1, 2018.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
SIGNED CHAP.361 (on 08/02/2021)
Official Document
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