New York A 5598: Provides that the assessed valuation of real property used for residential rental purposes may be determined using the actual net income

Bill Text

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A05598 Summary:

BILL NOA05598 

&nbsp

SAME ASSAME AS S05547

&nbsp

SPONSORLucas

&nbsp

COSPNSRSayegh

&nbsp

MLTSPNSR

&nbsp

Amd Part U §4, Chap 55 of 2014; amd §4, Chap 129 of 2014

&nbsp

Extends the effectiveness of certain provisions dealing with tax exemptions for rent regulated properties occupied by senior citizens and persons with disabilities.

Go to top A05598 Actions:

BILL NOA05598 

&nbsp

02/18/2025referred to aging

01/07/2026referred to aging

Go to topA05598 Committee&nbspVotes:

Go to topA05598 Floor&nbspVotes:

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

Go to topA05598 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5598

 2025-2026 Regular Sessions

 IN ASSEMBLY

 February 18, 2025
 ___________

 Introduced by M. of A. LUCAS -- read once and referred to the Committee
 on Aging

 AN ACT to amend part U of chapter 55 of the laws of 2014, amending the
 real property tax law relating to the tax abatement and exemption for
 rent regulated and rent controlled property occupied by senior citi-
 zens, in relation to the effectiveness thereof; and to amend chapter
 129 of the laws of 2014, amending the real property tax law relating
 to the tax abatement and exemption for rent regulated and rent
 controlled property occupied by persons with disabilities, in relation
 to the effectiveness thereof

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

 1 Section 1. Section 4 of part U of chapter 55 of the laws of 2014,
 2 amending the real property tax law relating to the tax abatement and
 3 exemption for rent regulated and rent controlled property occupied by
 4 senior citizens, as amended by chapter 144 of the laws of 2024, is
 5 amended to read as follows:
 6 § 4. This act shall take effect July 1, 2014, and sections one and two
 7 of this act shall expire and be deemed repealed June 30, [2026] 2028;
 8 provided that the amendment to section 467-b of the real property tax
 9 law made by section one of this act shall not affect the expiration of
 10 such section and shall be deemed to expire therewith.
 11 § 2. Section 4 of chapter 129 of the laws of 2014, amending the real
 12 property tax law relating to the tax abatement and exemption for rent
 13 regulated and rent controlled property occupied by persons with disabil-
 14 ities, as amended by chapter 144 of the laws of 2024, is amended to read
 15 as follows:
 16 § 4. This act shall take effect July 1, 2014 provided, however, that:
 17 (a) the amendments to paragraph b of subdivision 3 of section 467-b of
 18 the real property tax law made by section one of this act shall be
 19 subject to the expiration and reversion of such subdivision pursuant to

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08256-01-5

 A. 5598 2

 1 section 17 of chapter 576 of the laws of 1974, as amended, when upon
 2 such date the provisions of section two of this act shall take effect;
 3 and
 4 (b) nothing contained in this act shall be construed so as to extend
 5 the provisions of this act beyond June 30, [2026] 2028, when upon such
 6 date this act shall expire and the provisions contained in this act
 7 shall be deemed repealed.
 8 § 3. This act shall take effect immediately.

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