Authorizes cities having a population of one million or more to provide a rebate during a specified city fiscal year of a portion of the real property taxes on owner occupied 1, 2, 3, 4, 5 or 6 family residential real property, or residential real property held in the condominium or cooperative form of ownership.
Summary
Bill S07212 amends the real property tax law to authorize cities in New York with populations of one million or more to provide rebates on real property taxes for certain residential properties. Specifically, the bill allows for rebates on one to six family residences and properties held in condominium or cooperative ownership for the fiscal years starting July 1, 2023, through June 30, 2025. The rebate amount is capped at $400 or the annual tax liability, whichever is lower, and aims to provide financial relief to homeowners and tenant-stockholders in high-density urban areas.
Impact
The bill impacts state laws by modifying the existing provisions of the real property tax law concerning tax rebates. It enables local governments in large cities to adopt laws granting tax rebates, thereby potentially reducing the tax burden on eligible residential properties. This change could lead to increased affordability for residents in cities with high property taxes and may influence local budgetary considerations regarding tax rates and revenue generation.
Sentiment
The general sentiment around Bill S07212 appears to be supportive, as it addresses the financial challenges faced by residents in densely populated cities. However, the lack of voting history and committee discussions makes it difficult to gauge specific concerns or opposition. Stakeholders may view the bill favorably due to its potential to alleviate tax burdens, but further analysis would be needed to assess the overall reception among lawmakers and constituents.
Contention
Notable points of contention may arise around the eligibility criteria for receiving the rebate, particularly regarding the exclusion of certain property types or the requirement for applicants to not be in tax arrears. Some local legislative bodies may have differing opinions on how to implement these rebates and the financial implications for city budgets. Additionally, concerns may exist regarding the adequacy of the rebate amount relative to the actual tax liabilities faced by residents.
Extends certain provisions relating to a partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
Imposes a property tax on non-owner occupied residential properties assessed worth at one million dollars ($1,000,000) and less than two million dollars ($2,000,000) and a higher tax on properties assessed at two million dollars ($2,000,000) or more.
Provides that real property held in the cooperative form of ownership by a minister of the gospel, priest or rabbi of any denomination, an actual resident and inhabitant of this state, who is engaged in the work assigned by the church or denomination of which such person is a member, or who is unable to perform such work due to impaired health or is over seventy years of age, shall be exempt from taxation to the extent of fifteen hundred dollars; provides that certain properties receiving a tax exemption pursuant to the clergy property tax exemption are eligible to receive a partial abatement for residential real property held in the cooperative or condominium form of ownership in a city having a population of one million or more.
Creates a vacant property classification for vacant and blighted properties; allows for cities with a population of one million or more to levy an additional real property tax on vacant and blighted properties with funds raised from such taxes being used to address homelessness.
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.