New York S 2373: Provides for the establishment of the New York state home equity conversion information summary

Bill Text

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S02373 Summary:

BILL NOS02373 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSKOUFIS

&nbsp

COSPNSRGOUNARDES, KRUEGER, RYAN C

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MLTSPNSR

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Amd §420-a, RPT L

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Sets a 7-year limit to the real property tax exemption for unimproved property of mandatory class nonprofit organizations.

Go to top S02373 Actions:

BILL NOS02373 

&nbsp

01/16/2025REFERRED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO LOCAL GOVERNMENT

Go to topS02373 Committee&nbspVotes:

Go to topS02373 Floor&nbspVotes:

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

Go to topS02373 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2373

 2025-2026 Regular Sessions

 IN SENATE

 January 16, 2025
 ___________

 Introduced by Sens. SKOUFIS, GOUNARDES, KRUEGER -- 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 duration
 of the exemption for property of mandatory class nonprofit organiza-
 tions by reason of the absence of suitable buildings or improvements
 thereon if construction of such buildings or improvements is in
 progress or is in good faith contemplated

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

 1 Section 1. Subdivision 3 of section 420-a of the real property tax
 2 law, such section as renumbered by chapter 919 of the laws of 1981, is
 3 amended and a new subdivision 17 is added to read as follows:
 4 3. Such real property from which no revenue is derived shall be exempt
 5 though not in actual use therefor by reason of the absence of suitable
 6 buildings or other physical improvements thereon if:
 7 (a) the construction of such buildings or other physical improvements
 8 is in progress or is in good faith contemplated by such corporation or
 9 association within seven years after such property has been acquired by
 10 such corporation or association; for the purposes of calculating such
 11 seven years' period, with respect to property acquired before the effec-
 12 tive date of the chapter of the laws of two thousand twenty-five which
 13 amended this subdivision, such seven years' period shall commence on
 14 such effective date, and with respect to property acquired on or after
 15 such effective date, such seven years' period shall commence on the date
 16 of acquisition; or
 17 (b) such real property is held by such corporation or association upon
 18 condition that the title thereto shall revert in case any building not
 19 intended and suitable for one or more such purposes shall be erected
 20 upon such premises or some part thereof.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD06382-01-5

 S. 2373 2

 1 17. Notwithstanding any provision of this section to the contrary,
 2 real property used for the purpose of a children's overnight camp or
 3 summer day camp, as such terms are defined in section thirteen hundred
 4 ninety-two of the public health law, and real property owned by a not-
 5 for-profit conservation organization as defined in subdivision two of
 6 section 49-0303 of the environmental conservation law shall be exempt
 7 from the provisions of this section.
 8 § 2. This act shall take effect on the first of January next succeed-
 9 ing the date on which it shall have become a law.

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