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A03712 Summary:

BILL NOA03712
 
SAME ASNo Same As
 
SPONSORGunther (MS)
 
COSPNSRColton, Perry, Cook, Raia, Montesano, Manktelow
 
MLTSPNSRBlankenbush, Thiele
 
Add 497, RPT L
 
Caps the amount of taxes a senior has to pay on his or her real property at the amount such individual paid in the year in which he or she turned 70; provides that the individual claiming the limitation must be the owner of the property and must reside in the property for at least seventy-five percent of the year.
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A03712 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A3712
 
SPONSOR: Gunther (MS)
  PURPOSE: To authorize the transfer of development rights for lands at risk from sea level rise, storm surge or flooding.   SUMMARY OF PROVISIONS: Section 1 would amend the general city law to include lands at risk from sea level rise, flooding or storm surge in the list of purposes for transfer of development rights. Section 2 would amend the general city law to include lands at risk from sea level rise, storm surge or flooding in the authorization to be designated as a sending district for purposes of the transfer of devel- opment rights. Section 3 would amend the town law to include lands at risk from sea level rise, storm surge or flooding in the list of purposes for transfer of development rights. Section 4 would amend the town law to include lands at risk from sea level rise, storm surge or flooding for purposes of the transfer of rights. Section 5 would amend the village law to include lands at risk from sea level rise, flooding or storm surge to the list of purposes for transfer of development rights Section 6 would amend the village law to include lands at risk from sea level rise, storm surge or flooding in the authorization to be desig- nated as a sending district for purposes of the transfer of development rights.   JUSTIFICATION: Transfer of development rights (TDR) is a land use tool that provides municipalities in New York State with an effective, flexible and market based mechanism for managing and balancing development and preservation. TDR allows municipalities to detach the development rights from lands specified by the municipality to remain undeveloped ("sending area") while at the same time permitting those rights to be transferred to areas deemed to be more appropriate for a higher concentration and mix of development ("receiving area"). Regarding storm resiliency, TDR can help relocate development away from high-risk area (such as land in flood zones or on steep slopes) to more appropriate low risk.   LEGISLATIVE HISTORY: 2018 S.8493A/A.11124   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: Immediately
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A03712 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3712
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2019
                                       ___________
 
        Introduced  by M. of A. GUNTHER, COLTON, PERRY, COOK, RAIA, MONTESANO --
          Multi-Sponsored by -- M. of A. BLANKENBUSH, THIELE --  read  once  and
          referred to the Committee on Real Property Taxation
 
        AN ACT to amend the real property tax law, in relation to the limitation
          of taxation on certain seniors

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The real property tax  law  is  amended  by  adding  a  new
     2  section 497 to read as follows:
     3    §  497.  Limitation  of  taxation on certain seniors. 1. The amount of
     4  taxes paid on real property by qualified seniors  in  subsequent  years,
     5  including  school  taxes, shall not exceed the amount paid by such indi-
     6  vidual in the year in which he or she turns seventy years of age.
     7    2. For purposes of this section, a qualified senior is  an  individual
     8  who is:
     9    a. the owner of the subject property; and
    10    b.  resides at the property for at least two hundred seventy-four days
    11  in any given year; and
    12    c. is at least seventy years of age.
    13    § 2. This act shall take effect immediately and  shall  apply  to  all
    14  real property tax assessments occurring on or after such effective date.
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01097-01-9
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