New York Senate Bill S04019 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4019 2025-2026 Regular Sessions  IN SENATE January 31, 2025 ___________ Introduced by Sen. PARKER -- 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 a tax exemption for improvements to historic real property 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 476 to read as follows: 3 § 476. Improvements to historic real property; tax exemption. 1. In 4 cities of a million or more population, improvements to historic real 5 property shall be exempt from taxation by any municipal corporation in 6 which they are located to the extent that the increase in assessment is 7 due to such improvement, provided that the governing body of such munic- 8 ipal corporation, after a public hearing, adopts a local law or resol- 9 ution providing therefor, as provided in this section. 10 2. "Historic real property" shall mean real property which is: 11 (a) a one-, two- or three-family residence which is owner-occupied; 12 and 13 (b) designated by the appropriate local agency as a historic landmark 14 and such designation is maintained. 15 3. No exemption shall be granted unless the agency which is responsi- 16 ble to designate the real property as a historic landmark: 17 (a) certifies that it is in the public interest to provide that such 18 property is to be accessible to the public; and 19 (b) the owner of such property and such agency enters into a permanent 20 agreement to provide for reasonable public access to such property, 21 which agreement shall be binding on all subsequent owners and which 22 agreement shall be recorded in the office of the appropriate county 23 clerk in like manner as a deed. 24 4. Such exemption from taxation shall be granted only upon application 25 by the owner of such historic real property on or before the appropriate EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07584-01-5 
 S. 4019 2 1 taxable status date. Where the assessor is satisfied that the applicant 2 is entitled to an exemption pursuant to this section, such assessor 3 shall approve such application. 4 § 2. This act shall take effect immediately.