New York A 3852: Relates to the tax exemption of capital improvements to residential buildings

Bill Text

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A03852 Summary:

BILL NOA03852 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORWilliams

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COSPNSRChang, DeStefano, McDonough, Novakhov

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MLTSPNSR

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Amd §421-f, RPT L

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Increases the cap on the real property tax exemption of capital improvements to residential buildings.

Go to top A03852 Actions:

BILL NOA03852 

&nbsp

01/30/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA03852 Committee&nbspVotes:

Go to topA03852 Floor&nbspVotes:

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

Go to topA03852 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3852

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 30, 2025
 ___________

 Introduced by M. of A. WILLIAMS -- read once and referred to the Commit-
 tee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to exemption of
 capital improvements to residential buildings

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

 1 Section 1. Subparagraph (iii) of paragraph (a) of subdivision 2 of
 2 section 421-f of the real property tax law, as amended by section 3 of
 3 part WW of chapter 55 of the laws of 2021, is amended to read as
 4 follows:
 5 (iii) Except in a special assessing unit that is not a city, such
 6 exemption shall be limited to [eighty] one hundred sixty-eight thousand
 7 dollars in increased market value, or such other sum less than [eighty]
 8 one-hundred sixty-eight thousand dollars, but not less than five thou-
 9 sand dollars as may be provided by the local law or resolution, of the
 10 property attributable to such reconstruction, alteration or improvement
 11 and any increase in market value greater than such amount shall not be
 12 eligible for the exemption pursuant to this section. In a special
 13 assessing unit that is not a city, the exemption shall be limited to
 14 seven hundred fifty thousand dollars in increased market value. For the
 15 purposes of this section, the market value of the reconstruction, alter-
 16 ation or improvement, or new construction as authorized by subdivision
 17 one-a of this section, shall be equal to the increased assessed value
 18 attributable to such reconstruction, alteration, improvement or new
 19 construction divided by the class one ratio in a special assessing unit
 20 or the most recently established state equalization rate or special
 21 equalization rate in the remainder of the state, except where the state
 22 equalization rate or special equalization rate equals or exceeds nine-
 23 ty-five percent, in which case the increase in assessed value attribut-
 24 able to such reconstruction, alteration, improvement or new construction

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD07307-01-5

 A. 3852 2

 1 shall be deemed to equal the market value of such reconstruction, alter-
 2 ation or improvement.
 3 § 2. Subparagraph (iii) of paragraph (a) of subdivision 2 of section
 4 421-f of the real property tax law, as amended by chapter 590 of the
 5 laws of 1994, is amended to read as follows:
 6 (iii) Such exemption shall be limited to [eighty] one hundred sixty-
 7 eight thousand dollars in increased market value, or such other sum less
 8 than [eighty] one hundred sixty-eight thousand dollars, but not less
 9 than five thousand dollars as may be provided by the local law or resol-
 10 ution, of the property attributable to such reconstruction, alteration
 11 or improvement and any increase in market value greater than such amount
 12 shall not be eligible for the exemption pursuant to this section. For
 13 the purposes of this section, the market value of the reconstruction,
 14 alteration or improvement shall be equal to the increased assessed value
 15 attributable to such reconstruction, alteration or improvement divided
 16 by the class I ratio in a special assessing unit or the most recently
 17 established state equalization rate or special equalization rate in the
 18 remainder of the state, except where the state equalization rate or
 19 special equalization rate equals or exceeds ninety-five percent, in
 20 which case the increase in assessed value attributable to such