New York S 7285: Relates to the applicability of the residential redevelopment inhibited property exemption

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 - This bill is not active in this session.

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S07285 Summary:

BILL NOS07285 

&nbsp

SAME ASSAME AS A06770

&nbsp

SPONSORRYAN S

&nbsp

COSPNSRADDABBO, WEBB

&nbsp

MLTSPNSR

&nbsp

Amd §485-r, RPT L

&nbsp

Relates to expanding the applicability of the residential redevelopment inhibited property exemption to all cities, town, or villages in the state.

Go to top S07285 Actions:

BILL NOS07285 

&nbsp

04/08/2025REFERRED TO LOCAL GOVERNMENT

04/15/2025COMMITTEE DISCHARGED AND COMMITTED TO RULES

04/15/2025ORDERED TO THIRD READING CAL.683

04/29/2025SUBSTITUTED BY A6770

&nbspA06770 AMEND= Griffin

&nbsp03/13/2025referred to real property taxation

&nbsp03/18/2025reported referred to ways and means

&nbsp03/18/2025reported referred to rules

&nbsp03/18/2025reported 

&nbsp03/18/2025rules report cal.111

&nbsp03/18/2025ordered to third reading rules cal.111

&nbsp03/18/2025passed assembly

&nbsp03/18/2025delivered to senate

&nbsp03/18/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

&nbsp04/29/2025SUBSTITUTED FOR S7285

&nbsp04/29/20253RD READING CAL.683

&nbsp04/29/2025PASSED SENATE

&nbsp04/29/2025RETURNED TO ASSEMBLY

&nbsp10/09/2025delivered to governor

&nbsp10/16/2025signed chap.434

Go to topS07285 Committee&nbspVotes:

Go to topS07285 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS07285 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7285

 2025-2026 Regular Sessions

 IN SENATE

 April 8, 2025
 ___________

 Introduced by Sen. S. RYAN -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 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

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The section heading of section 485-r of the real property
 2 tax law, as added by chapter 406 of the laws of 2015, is amended to read
 3 as follows:
 4 Residential redevelopment inhibited property exemption[; certain
 5 cities].
 6 § 2. Subdivision 1 of section 485-r of the real property tax law, as
 7 added by chapter 406 of the laws of 2015 and paragraph (f) as amended by
 8 chapter 28 of the laws of 2016, is amended to read as follows:
 9 1. As used in this section, the following terms shall have the follow-
 10 ing meanings:
 11 (a) "Redevelopment inhibited property" shall mean a residential prop-
 12 erty that has been neglected or abandoned because of the local economic
 13 conditions and/or conditions on the property that inhibit such property
 14 from being redeveloped by the private sector as described in subdivision
 15 three of this section. Redevelopment inhibited property shall not
 16 include land that is undeveloped.
 17 (b) "Gap financing costs" shall mean the total cost of the property's
 18 redevelopment as approved by the city, town, or village minus the
 19 increase in the full valuation of the property upon completion of the
 20 redevelopment.
 21 (c) "Base assessment" shall mean the assessed value of the property on
 22 the day the city, town, or village designates the property as redevelop-
 23 ment inhibited.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10643-01-5

 S. 7285 2

 1 (d) "Increased assessment" shall mean the assessed value of the prop-
 2 erty as determined by the assessor upon completion of the redevelopment.
 3 (e) "Incremental increase in annual property taxes" shall mean the
 4 taxes based on the increased assessment minus the taxes based on the
 5 base assessment.
 6 [(f) "City" shall mean a city with a population of not less than
 7 fifteen thousand two hundred fifty and not more than fifteen thousand
 8 five hundred as determined by the latest federal decennial census.]
 9 § 3. Subdivision 2 of section 485-r of the real property tax law, as
 10 added by chapter 406 of the laws of 2015, is amended to read as follows:
 11 2. A city, town, or village may, by local law, provide for the
 12 exemption of real property from taxation as provided in this section.
 13 Subsequent to the adoption of such local law, the county in