Bill > S04075

This bill authorizes the assessor of Richmond County, which is part of New York City, to accept a late application from the Silver Lake Foundation Inc. for an exemption from real property taxes for a specific property located at 203 Port Richmond Avenue. Real property tax is a tax on land and buildings. The exemption being sought is under section 420-a of the real property tax law, which typically grants tax exemptions to organizations that are organized exclusively for religious, charitable, hospital, educational, or other specified purposes. Normally, applications for such exemptions must be filed by a specific "taxable status date," which is a deadline set each year for determining who is eligible for tax exemptions. This bill allows the assessor to consider the application as if it were filed on time, and if the Silver Lake Foundation Inc. would have qualified for the exemption had they applied by the deadline, and if the New York City Council approves, the assessor can adjust the tax rolls. This could result in a refund of taxes already paid for 2023 and the cancellation of any unpaid taxes, fines, penalties, or interest on that property. The bill takes effect immediately upon its passage.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4075