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A04963 Summary:

A04963 Actions:

A04963 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
 submitted in accordance with Assembly Rule III, Sec 1(f)



 
BILL NUMBER: A4963
 
SPONSOR: O'Donnell

 
TITLE OF BILL:
 
An act to amend the real property tax law, in relation to prohibiting
exemptions for owners of vacant or unoccupied storefront properties
 
 
PURPOSE OR GENERAL IDEA OF BILL:
 
To revitalize communities by prohibiting exemptions for owners of vacant
storefront properties that have been vacant for at least two years.
 
 
SUMMARY OF SPECIFIC PROVISIONS:
 
Section 1 amends the real property tax law by adding a new section 497,
which prohibits exemptions for owners of vacant or unoccupied storefront
properties if such property has been vacant or unoccupied for at least
two years.
 
Section 2 establishes the effective date.
 
 
JUSTIFICATION:
 
The proliferation of vacant storefronts in New York City is increasing
at an alarming pace-many of which have stood vacancy for years now.
These vacancies threaten the survival and safety of community members.
Further, little progress has been made to fill these vacancies, conse-
quently diminishing the commercial activity, employment opportunities,
and industrious vibrancy of our neighborhoods.
 
By filling vacant storefronts, we can counteract community deterioration
and revitalize economic development-emphatically benefitting the every-
day lives of the individuals who live, work, and shop in this neighbor-
hood. Prohibiting exemptions for owners of vacant or unoccupied store-
front properties swill expedite and facilitate the process of filling
these vacancies as quickly as possible.
 
 
PRIOR LEGISLATIVE HISTORY:
 
A.10132 (2017-18).
 
 
FISCAL IMPLICATIONS:
 
Net savings as fewer exemptions will be granted.
 
 
EFFECTIVE DATE:
Immediately.