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A. 04977: Expand the Residential-Commercial Real Property Tax Exemption Provided for in Real Property Tax Law § 485-n Statewide to Close Gaps in Financing that Prevent Older, Neglected Property from Being Redeveloped

Bill Number: A. 4977
Position: Support
NYCOM MEMO

Description: This bill would expand the applicability of the residential-commercial real property tax exemption of Real Property Tax Law § 485-n, allowing local governments throughout New York, not just those municipalities in Livingston County, to authorize a tax abatement on the incremental increase in real property taxes resulting from the conversion, creation, modernization, rehabilitation, expansion or improvement of the property.

Status: Click here for bill summary and text.